* China surprises with modest rate cut * Brazil economists see inflation at 4.9% in 2023- poll * Latam FX down 0.1%, stocks off 0.8% (Updated at 2017 GMT) By Ankika Biswas Aug 21 (Reuters) - Most major Latin American currencies slipped against the dollar on Monday as the latest stimulus measures from top crude and metals consumer China failed to enthuse markets, with traders awaiting clues on future U.S. interest rates later this week. China cut its one-year benchmark lending rate by a lower-than-expected 10 basis points to stimulate credit demand and also surprised markets by keeping the five-year rate unchanged amid concerns about a rapidly weakening currency. For a sense of U.S. policy direction, investors will monitor comments from Federal Reserve Chair Jerome Powell on Friday at a meeting of central bankers at Jackson Hole in Wyoming. The MSCI Latam currencies index fell 0.1% after a 1% weekly drop on Friday. The index is poised for its monthly decline in six, dented by a strong dollar and concerns over China's economic outlook. If these bottomed out, GlobalData.TSLombard analysts said, a path could open for a moderately more positive emerging market risk environment, while the growth outlook in most Latam economies was improving. Leading the currencies decline, the Brazilian real depreciated 0.3% to 4.98 against the dollar. "We see the BRL and other EM (emerging market) currencies enjoying less gains from carry trade strategies amid a global risk off," said Rabobank analysts, who see the real trading at 5.05-per-dollar by 2023-end. A central bank poll showed Brazil's private sector economists expect the benchmark inflation index to end this year at 4.90%, slightly up from the 4.84% forecast a week ago. "This likely reflects the expectation that the government is inclined to accommodate inflation above the target and that the upcoming changes in composition of Copom may turn it more dovish," Goldman Sachs analysts said. For the week, attention also turns to the resumption of discussions on Brazil's fiscal framework and a summit of the BRICS group of major emerging economies- Brazil, Russia, India, China and South Africa in Johannesburg. Chile's peso and Peru's sol fell around 0.3% each against the greenback, while Colombia's peso edged up 0.2% in thin holiday trade. The Mexican peso was 0.2% higher, with the country's central bank set to release its August policy meeting minutes on Thursday. The MSCI Latam stocks gauge fell 0.8%, after a near 3% drop in the previous week, dragged by Brazilian stocks . Equity markets in Colombia and Argentina were closed due to public holidays. Latin American stock indexes and currencies at 2017 GMT: Stock indexes Latest Daily % change MSCI Emerging Markets 960.34 -0.43 MSCI LatAm 2334.57 -0.8 Brazil Bovespa 114448.21 -0.83 Mexico IPC 52968.89 -0.42 Chile IPSA 6107.52 -0.42 Argentina MerVal 584293.19 0.338 Colombia COLCAP 1132.66 -0.21 Currencies Latest Daily % change Brazil real 4.9802 -0.29 Mexico peso 17.0010 0.20 Chile peso 870 -0.34 Colombia peso 4105.43 0.19 Peru sol 3.714 -0.25 Argentina peso (interbank) 349.9500 0.01 Argentina peso (parallel) 710 7.04 (Reporting by Ankika Biswas in Bengaluru; editing by Barbara Lewis and Grant McCool)
