* Metal prices rise after China Evergrande makes bond payment * Mexican central bank hikes rates by 25 bps to 5% * Peru"s central bank expected to raise rates by 50 bps * Chile"s economy set to grow more than 11% this year - Piñera (Adds details on Mexican rate hike, updates prices) By Ambar Warrick Brazil"s real hit a one-month high on Thursday as metal prices rose on some relief over China Evergrande, while Mexico"s peso shed early gains after the central bank raised its benchmark interest rate as expected. Mexico"s peso traded nearly flat after rising as much as 0.9%. The Mexican central bank hiked rates by 25 basis points to 5.0%, citing concerns over rising prices as inflation rose to more than twice the bank"s target rate in October. Declines in oil prices also weighed on the peso, with crude exporter Colombia"s currency trading flat. Rising inflation, which could potentially stifle economic growth, has been a major concern for emerging markets this year, with several central banks hiking interest rates in response. Still, some analysts expect emerging market currencies to eventually benefit from higher rates, given that they offer relatively stronger returns on investment. "Markets are reacting with buying of currencies of those countries where central banks preferred to raise rates. This trend will only gain strength as inflationary pressures ease as it entails rising real bond yields and attracts buyers into bonds," said Alex Kuptsikevich, a senior financial analyst at FxPro. Peru"s central bank is also seen hiking by 50 basis points later on Thursday to 2%. The sol rose 0.2% ahead of the meeting. Brazil"s real jumped 1.9% to a more-than one-month high, taking support from a rise in iron ore and copper prices after reports said Chinese property developer Evergrande made its bond payments. The Evergrande news fed hopes of government support for a property sector that can drive significant demand for metals. Uncertainty over Brazil"s fiscal position seemingly fell after the lower house approved a constitutional amendment allowing for more spending. But Senate passage is now awaited. Sao-Paulo listed shares surged 1.9%, with airline Azul SA, up nearly 10% on positive operating figures. Emerging market currencies had taken a hit in the previous session after a surge in U.S. inflation raised rate hike bets there, sending the dollar to 16-month highs and bond yields rising. South Africa"s rand rallied 1%, nearing seven-week highs, attempting to make back Wednesday"s 2.7% drop post U.S. inflation data. In its medium-term budget policy statement here, South Africa cut its deficit forecast, and now sees debt peaking at a lower level. Chile"s peso rose slightly as President Sebastián Piñera said the economy is set to grow more than 11% this year, amid a rapid recovery from the impact of the coronavirus pandemic. Latin American stock indexes and currencies: Latest Daily % change MSCI Emerging Markets 1280.92 0.51 MSCI LatAm 2218.10 1.77 Brazil Bovespa 107935.34 1.86 Mexico IPC 51724.51 0.04 Chile IPSA 4519.86 0.69 Argentina MerVal 96203.84 1.128 Colombia COLCAP 1366.23 0.04 Currencies Latest Daily % change Brazil real 5.3984 1.91 Mexico peso 20.5935 0.13 Chile peso 793.18 0.10 Colombia peso 3876.53 -0.04 Peru sol 4.0061 0.22 Argentina peso 100.1800 -0.03 (interbank) (Reporting by Shashank Nayar and Susan Mathew in Bengaluru; Editing by Andrea Ricci and Grant McCool)