China shares dragged emerging markets lower on Tuesday, following new coronavirus-related disruptions, while most currencies were subdued as cautious investors awaited a slew of central bank meetings this week. MSCI"s index of emerging market stocks (.MSCIEF) fell 0.7%, with Chinese stocks, which make up more than a third of the index, weighing the most. Chinese markets fell as several companies in the one of the country"s largest manufacturing hubs suspended operations to contain a COVID-19 outbreak. The yuan was largely flat. read more Shares of several property developers also fell as uncertainty remained over debt repayments in the sector. China Evergrande Group (3333.HK), the second-largest real estate developer in the country, sank 7% to a record low. Hungary"s forint was flat against the euro, ahead of a central bank rate decision due at 1300 GMT, where the bank is expected to hike rates by 30 basis points (bps) to 2.40%, according to a Reuters poll. The bank is the first among several of its emerging market peers to meet this week, and is largely expected to hike rates to tackle rising inflation. "A combination of higher CPI inflation and poor performance of the forint should add to the pressure on the Monetary Council to continue raising its one-week auction deposit rate," Credit Suisse analysts wrote in a note. "On the other hand, the recent worsening of the COVID-19 pandemic should make the size of this increase very small." Investors are also awaiting signals from the bank on when it intends to stop pandemic-era quantitative easing. 30 bps hike expected 30 bps hike expected Turkey"s lira sank more than 2%, as investors expected the central bank to cut rates this week despite rising inflation. The lira had crashed to a record low of nearly 15 to the dollar on Monday, prompting the central bank to intervene for the fourth time in two weeks. read more Lira volatility levels were also seen rising to 2018 levels, when Turkey had experienced a currency crisis. Lira volatility gauges sound crisis warning sound Lira volatility gauges sound crisis warning sound Turkish stocks (.XU100) jumped 2.3% to a record high, as investors viewed stocks as the safest way to maintain exposure to the market. Most stock bourses in Europe, the Middle East and Africa moved in a flat-to-low range, while currencies followed a similar trend as the dollar traded steady ahead of a two-day U.S. Federal Reserve meeting starting later in the day. For GRAPHIC on emerging market FX performance in 2021, see http://tmsnrt.rs/2egbfVh For GRAPHIC on MSCI emerging index performance in 2021, see https://tmsnrt.rs/2OusNdX For TOP NEWS across emerging markets For CENTRAL EUROPE market report, see For TURKISH market report, see For RUSSIAN market report, see Reporting by Ambar Warrick; Editing by Rashmi Aich Our Standards: The Thomson Reuters Trust Principles.