* China PPI rises at fastest pace in over 12 years, CPI misses forecast * U.S. 10-year bond yields fall to 1-month low overnight * Philippine exports and imports surge in April June 9 (Reuters) - Strong trade data vaulted Philippine shares to a three-month high on Wednesday, while Asian currencies stuck to tight ranges ahead of U.S. inflation data that could offer clues on the Federal Reserve"s stance on tapering monetary stimulus. Most of the region"s currencies were flat to slightly lower, with the Taiwan dollar down 0.2%. Asian investors have adopted a cautious view so far this week, as the dollar stands to gain if signs of price pressure prompt the Fed to start discussing early tapering at its policy meeting next week. Economists reckon U.S. inflation in May will rise 0.4% from the previous month, but recent payrolls data showed job hiring did not grow as fast as expected and overnight 10-year Treasury yields fell to a one-month low, where it continued to trade in Asian hours. "Maybe bond markets are absolutely right. The inflation we are seeing ... is just transitory," Robert Carnell, the Asia-Pacific head of research for ING, said. In China, the world"s second-largest economy, producer prices rose at their fastest annual pace in over 12 years in May, largely due to higher commodity prices, though that was yet to seep into consumer inflation. "Despite risks of some degree of lagged spillover from PPI, the wider point is that the ability of China"s supply-side to absorb excessive cost-push mitigates inflation risks," Mizuho Bank said in a note. Shanghai"s composite index edged higher, while the yuan gained 0.1%, in line with the broader region. Philippine stocks stood out from a mixed picture in Asia with a 1.4% jump, as both imports and exports surged in April off lower bases last year. The trade deficit came in at $2.73 billion, with ING saying the Philippine current account surplus may move closer to a deficit by year-end. The peso edged higher. HIGHLIGHTS: ** Ayala Corp, Ayala Land Inc and Jollibee Foods Corp were the top gainers in the Philippines ** Indonesian 10-year benchmark yields fell 1.09 basis points to 6.435%​​ ** Indonesia raises 34 trln rupiah from debt auction, above target Asia stock indexes and currencies at 0627 GMT COUNTRY FX RIC FX FX INDEX STOCKS STOCKS DAILY % YTD % DAILY % YTD % Japan +0.02 -5.69 -0.35 5.16 China +0.10 +2.10 0.09 3.17 India -0.14 +0.10 0.28 12.89 Indonesia -0.07 -1.54 0.15 0.49 Malaysia +0.05 -2.36 -0.19 -2.60 Philippines +0.08 +0.52 1.36 -3.32 S.Korea -0.09 -2.60 -0.86 12.06 Singapore -0.05 -0.23 -0.26 11.08 Taiwan -0.21 +2.60 -0.64 15.16 Thailand +0.19 -3.82 0.65 12.01 (Reporting by Nikhil Kurian Nainan in Bengaluru; Editing by Simon Cameron-Moore and Devika Syamnath) Our Standards: The Thomson Reuters Trust Principles.