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What’s important in Asia this week

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A deluge of economic data from China, central bank meetings in Indonesia and the Philippines, and inflation and trade numbers from India are all in the lineup for Asian markets this week.

On Monday, China released data that showed producer price deflation easing. The producer price index in August fell 1.6 percent from a year earlier, compared to a 2.3 percent on-year fall in July. The consumer price index for the month rose an annualized 2.6 percent, in line with expectations.

The figures came after data at the weekend showed Chinese exports rose a stronger-than-expected 7.2 percent on-year in August.

Investors will be scrutinizing industrial output, fixed asset investment and retail sales data on Tuesday for signs that the world's second-biggest economy is stabilizing after a slowdown.

Analysts polled by Reuters expect industrial output rose 9.9 percent in August from a year earlier, compared with a 9.7 percent increase in July. Retail sales are forecast to rise 13.2 percent on-year in August, the same as in July.

"On the data front the focus is likely to be on China, with key activity data due Tuesday likely to show that the improvement in growth evident in July continued into August," Shane Oliver, head of investment strategy and chief economist at AMP Capital in Sydney, said in a note.

"In particular, growth in industrial production is likely to have continued to edge higher," he added.

(Read more: Ditch the stats: China retailers don;t buy the signs of recovery)

Central banks in South Korea, Indonesia and the Philippines will hold policy meetings on Thursday and will likely be in focus given recent turmoil in emerging markets amid fears of an unwinding of U.S. monetary stimulus.

South Korea's central bank left interest rates steady in August for a third straight month and many economists do not expect any changes in monetary policy for the remainder of the year.

(Read more: Why Indonesia could be worse off than India)

Indonesia's central bank raised its benchmark reference rate rate by 50 basis points to 7 percent at an emergency meeting held at the end of last month as it attempted to stabilize its currency and economy.

"Both the Philippines and Indonesia are expected to hold policy this week. Bank Indonesia has already 'jumped the gun' the week before, while BSP [Banco Sentral Pilipinas] will want to ride out the volatility," said Vishnu Varathan, market economist at Mizuho Corporate Bank, in a note.

Some analysts say the sell-off in emerging market currencies has been overdone and there could be some respite in the weeks ahead.

"India is in a situation of its own. For other emerging market currencies, they are a strong buy now," Clifford Bennett, chief economist at the White Crane Group, told CNBC Asia's "Squawk Box."

(Read more: RBI's Rajan takes a deep dive to save the rupee)

India will release August trade data on Tuesday, followed by industrial output and inflation numbers on Thursday. The data is likely to be in focus as investors assess the outlook for India, the Asian country hit hardest by the exit of foreign funds from emerging markets.

Indian markets did receive some respite last week as a new central bank governor took over the helm at the central bank and outlined measures he would take to stabilize the rupee and restore confidence.

Other events likely to be in focus this week include the launch of the latest Apple iPhone on Tuesday and the World Economic Forum in Dalian, China.

—By CNBC.Com's Dhara Ranasinghe; Follow her on Twitter @DharaCNBC

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