EMERGING MARKETS-Asian stocks, currencies rise on China stimulus

• Philippine stocks at one-month high
• Goldman Sachs raises price target for emerging market stocks
• Malaysia interest rate decision in focus

March 6 (Reuters) - Most emerging Asian equities and currencies gained on Thursday after China unlocked more fiscal stimulus, while investors held out hope for a rollback in tariffs after U.S. President Donald Trump exempted some automakers from levies for a month.

The MSCI gauge of emerging market currencies .MIEM00000CUS jumped 0.5%, while a gauge of emerging Asian equities .MIMS00000PUS rose 2.2%.

China, Southeast Asia's biggest trading partner, ramped up its fiscal stimulus on Wednesday and promised greater efforts to support consumption and cushion the impact of an escalating trade war with the U.S. on the economy.

Artificial intelligence was a key focus at the opening of the annual meeting of China's parliament, with promises to foster its application in sectors including electric vehicles, smartphones and robots.

Goldman Sachs analysts raised their target price on emerging markets equities, noting that the AI-driven rally in Chinese stocks could spill over to China-sensitive markets.

"We expect further equity gains as the fiscal stimulus announcement... should continue to stabilise growth and sentiment," the analysts said.

Chinese stocks .SSEC were up 1.1%, while the yuan CNY=CFXS inched 0.1% lower.

Meanwhile, the White House said on Wednesday that it would exempt automakers from Trump's 25% tariffs on Canada and Mexico for one month as long as they comply with existing free trade rules, suggesting there may be room for negotiation in the trade war.

The Mexican peso .MXN was trading flat after a 0.9% jump on Wednesday. The dollar index =USD wallowed near a four-month low. USD/

In Asia, equities in Jakarta .JKSE rose as much as 2.1% to recoup losses from earlier in the week, while Seoul stocks .KS11 gained 0.6%, boosted by automakers. KRW/

Data showed South Korea's consumer inflation softened in February for the first time in four months. Investors will also be on the lookout for inflation data from Thailand and Taiwan due on Friday.

Shares in Manila .PSI rose 1.6% to hit their highest level in a month and Singapore stocks .STI gained 0.8% to hover near a record high touched last week.

Malaysian equities .KLSE, however, were down 0.4% while the ringgit MYR= was flat, as the country's central bank was expected to hold its interest rates steady at its policy meeting later in the day, according to a Reuters poll.

Among other currencies, the Philippine peso PHP= and Korean won KRW=KFTC were up 0.3% and 0.5%, respectively.

HIGHLIGHTS:

** Vietnam posts $1.55 billion trade deficit in February as imports surge

** U.S. eyes zero tariff on cars in India trade deal as Tesla entry nears, sources say

** Indian rupee poised for steeper slide that previously thought