* 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 helped Philippine shares strike an over three-month high on Wednesday, while Asia"s emerging currencies firmed ahead of a U.S. inflation report that might give a clue to when the Federal Reserve will begin tapering its monetary stimulus. The Philippine peso and Thai baht gained around 0.2% on the U.S. dollar. Asian investors have adopted a cautious view so far this week, looking to signs price pressure may prompt the Federal Reserve to start discussing early tapering at its policy meeting next week, which could boost the dollar. Economists reckon inflation in May will rise 0.4% over the preceding 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. "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, but that didn"t translate into much higher consumer prices. The producer price index (PPI) increased 9% from a year earlier, versus a 8.5% forecast in a Reuters poll and the 6.8% rise in April. Meanwhile, the consumer price index (CPI) rose 1.3%, slower than the 1.6% expected. "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 rose 0.4%, while the yuan gained 0.1%. Philippine stocks rose 1.5%, amid a mixed picture in Asia, as both imports and exports surged in April off lower bases last year. The trade deficit came in at $2.73 billion. ING says the Philippines current account surplus may move closer to a deficit by year-end. HIGHLIGHTS: ** Emperador Inc, Ayala Corp and Jollibee Foods Corp were the top gainers in the Phiippines ** Indonesian 10-year benchmark yields fell 0.70 basis points to 6.439%​​ ** Indonesia raises 34 trln rupiah from debt auction, above target Asia stock indexes and currencies at 0342 GMT COUNTRY FX RIC FX FX INDEX STOCKS STOCKS DAILY % YTD % DAILY % YTD % Japan +0.04 -5.67 -0.33 5.19 China +0.10 +2.09 0.36 3.46 India +0.00 +0.24 0.00 12.58 Indonesia +0.00 -1.47 0.43 0.77 Malaysia +0.07 -2.33 -0.20 -2.61 Philippines +0.17 +0.61 1.46 -3.23 S.Korea -0.08 -2.59 -0.29 12.70 Singapore +0.04 -0.15 -0.27 11.07 Taiwan -0.12 +2.69 -0.34 15.52 Thailand +0.22 -3.79 0.72 12.08 (Reporting by Nikhil Kurian Nainan in Bengaluru; Editing by Simon Cameron-Moore) Our Standards: The Thomson Reuters Trust Principles.