By Shashwat Chauhan

Oct 15 (Reuters) -A gauge of emerging market stocks slipped on Tuesday as heavyweight Chinese shares came under pressure following their recent blistering rally, while focus remained on a slate of central bank rate decisions due later this week.

MSCI's index for emerging market stocks .MSCIEF slipped 0.8% by 0820 GMT, while a gauge for currencies .MIEM00000CUS dipped 0.2%, touching a one-month low.

Local media reported that China might raise an additional 6 trillion yuan ($850 billion) from special treasury bonds over three years to stimulate a sagging economy, a figure that failed to revive sentiment in the country's stock market.

The Shanghai Composite .SSEC and the blue-chip CSI300 .CSI300 declined more than 2% each. Chinese shares have been on a tear since late last month when Beijing announced a bevy of stimulus measures to prop up its ailing economy.

The yuan CNH= lost 0.5% against the greenback in offshore trading, hitting a one-month low.

In emerging Europe, Poland's zloty EURPLN= held firm at 4.297 per euro. Data showed that Polish inflation stood at 4.9% year-on-year in September.

Focus this week would be on the European Central Bank's (ECB) policy decision on Thursday, with markets pricing in a 25-basis-point rate cut.

"An October cut is our baseline, but we would also not be surprised if ECB President Christine Lagarde refrained from cutting," strategists at ING said in a note.

"Markets are poorly positioned for such a disappointment and a broader risk-off mode would seem likely in this case."

South Africa's rand ZAR=D3 weakened 0.2% against the dollar, which held firm on continued hopes that the Federal Reserve would opt for smaller interest rate cuts this year.

Citing a recent uptick in inflation and data showing the U.S. economy and labour market are stronger than previously thought, Fed Governor Christopher Waller late on Monday called for "more caution" on rate cuts ahead.

Most EM assets have come under pressure recently as rising hopes of smaller Fed rate cuts, faltering expectations around Chinese stimulus and elevated geopolitical worries have kept investors wary of risk taking.

A plethora of interest rate decisions across EM nations, including Indonesia, Turkey and Chile, would also be on the radar later this week.

Markets would also keep tabs on the heads-of-government gathering of the Shanghai Cooperation Organisation scheduled for Tuesday and Wednesday in Islamabad, Pakistan.

HIGHLIGHTS:

** Saudi Arabia's inflation rate inches up to 1.7% in September

** IMF says global public debt to top $100 trillion, growth may accelerate

** Romanian central bank currently pausing rate cuts, board member says

Reporting by Shashwat Chauhan in Bengaluru; Editing by Subhranshu Sahu

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