(Removes reference to Thailand in paragraph 6 and the table as markets were closed for a public holiday) * China shares fall for fourth consecutive day * Investors eye Fed meeting and Jerome Powell press conference * Philippine shares fall as much as 2.3%, hit 2-month low By Harish Sridharan July 28 (Reuters) - Asian emerging stock markets fell on Wednesday as a rout in Chinese equity markets continued for a fourth consecutive day, casting a pall over regional sentiment, while traders awaited the U.S Federal Reserve meeting"s outcome. Beijing"s regulatory crackdowns on a range of private companies have hurt stocks in various sectors over the past few days, with heavy selling hammering the country"s top tech stocks and now affecting into currency and debt markets. The benchmark Shanghai index, which fell as much as 2% earlier in the session, recouped some losses to trade 0.6% lower. Chinese 10-year government bond futures were down 0.35%. "Chinese regulatory tightening is a structural change to the affected Chinese companies, and will produce a lasting impact on their business model and profitability," said Wei-Liang Chang, macro strategist (FX and Credit) at DBS Bank. "That said, we do not see a meaningful deceleration in Southeast Asian growth, and expect spillovers through the financial market channel to be transitory." Stocks in Taiwan and Singapore lost 1.2% and 0.3%, respectively. while Philippines dropped as much as 2.3%. Meanwhile, the International Monetary Fund on Tuesday cut this year"s economic growth forecast for emerging Asia, as a spike in coronavirus cases from new variants and slow vaccinations cloud the region"s recovery prospects. The Philippine peso led gains among currencies, as U.S. Treasury yields tumbled overnight to pull the greenback lower on lingering concerns about the fast-spreading Delta virus variant that could thwart global economic growth. The Singapore dollar, Taiwan dollar and Malaysian ringgit traded flat to 0.1% higher. All eyes were on the Fed"s policy meeting and a press conference from Chair Jerome Powell in which markets will be looking for hints on the growth outlook and a timeline on tapering bond-purchases. "Emerging markets are very sensitive to the direction of capital flows. That means the greatest risk for a lot of EM currencies is a Fed that turns hawkish more quickly," said Daniel Dubrovsky, strategist at IG. HIGHLIGHTS: ** Indonesian 10-year benchmark yields were down 1.5 basis points at 6.302% ** In the Philippines, top index loser was Megaworld Corp down 4% ** Taiwan shares hit lowest since June 7 ** Thailand posted a new daily record of 16,533 coronavirus infections Asia stock indexes and currencies at 0401 GMT COUNTRY FX RIC FX FX INDEX STOCKS STOCK DAILY YTD % DAILY S YTD % % % Japan -0.03 -5.97 -1.28 0.61 China +0.08 +0.35 -0.59 -3.22 India +0.00 -1.87 -0.38 12.19 Indonesia -0.03 -3.14 -0.12 1.85 Malaysia +0.04 -4.94 -0.18 -7.09 Philippine +0.24 -4.76 -2.11 -10.5 s 7 S.Korea -0.46 -5.99 -0.19 12.28 Singapore +0.02 -2.85 -0.31 10.03 Taiwan +0.14 +1.67 -1.18 15.83 Thailand - -9.10 - 6.09 (Reporting by Harish Sridharan in Bengaluru; Editing by Sam Holmes) Our Standards: The Thomson Reuters Trust Principles.