dec 15 reuters  turkeys lira dropped to near record lows while other emerging market stocks and currencies also fell on wednesday as investors feared the federal reserve might take a more hawkish stance than previously expected when it meets later in the day mscis index of emerging market em stocks mscief fell by 05 while currencies miem00000cus fell 01 ahead of the conclusion of the feds twoday policy meeting the us central bank is widely expected to outline its plans for tightening policy and hiking interest rates next year which is likely to pressure em assets while its rare to make changes to policy at december meetings the fed is under tremendous pressure given the persistence of elevated inflation to expedite its previously announced tapering at a minimum said danielle dimartino booth ceo and chief strategist of quill intelligence turkeys lira was the worst performing em currency down around 2 to 147190 against the dollar after hitting a low of 1499 earlier this week it is also the worst performing currency this year the turkish central bank is widely expected to cut interest rates again on thursday extending president tayyip erdogans unorthodox monetary policy despite inflation breaching 20 last month chinese stocks fell on wednesday on more concerns over the countrys debtsaddled property market data showed home prices sales investment and construction sank in november amid weak demand and a cash crunch among developers read more other readings showed chinas factory output grew faster than expected in november but new curbs to fight rising covid19 cases hit retailers read more a covid19 outbreak in zheijang also saw several firms halt manufacturing operations still investment bank jpmorgan raised its fourth quarter and 2022 forecasts for chinese economic growth citing some positive trends from the november data read more investors are now awaiting central bank meetings in russia mexico and colombia later this week all three banks are expected to raise rates to help curb rising inflation a common trend across most ems this year central banks in hungary and chile hiked rates on tuesday in response to rising inflation the hungarian forint had strengthened slightly against the euro after the central bank pledged more rate action next year to anchor rising inflation expectations read more south africas rand fell 05 as inflation rose more than expected in november nj8n2pd01e for graphic on emerging market fx performance in 2021 see httptmsnrtrs2egbfvh for graphic on msci emerging index performance in 2021 see httpstmsnrtrs2ousndx