* HK stocks jump 3.3%

* Turkey cenbank seen keeping rate unchanged at 14%

* Russian rouble slips after 1.2% surge on Wed

Jan 20 (Reuters) - Emerging market stocks snapped a five-day losing streak on Thursday, with Hong Kong shares surging 3.3%, as investors welcomed more monetary policy easing from China, while Turkey's lira slipped ahead of a central bank meeting later in the day.

U.S. Treasury yields coming off this week's peaks also aided risk sentiment, sending MSCI's index of EM shares up 1% after losing 2% over the last five sessions amid rising bets for a hawkish Federal Reserve.

China cut its one-year loan prime rate by 10 basis points (bps) to and the five-year LPR by 5 bps, the first reduction since April 2020. Investors had bet on more easing after recent data had shown slowing economic growth.

With heavyweights such as Tencent, Meituan and Alibaba surging between 11% and 6.9%, Hong Kong's main index marked its best session in nearly six months. Struggling property stocks also rallied after Beijing's measures to increase access to liquidity.

"Policy-divergence may eventually undermine the (Chinese yuan) but policy supports are positive for domestic securities (such as bonds and equities) especially after a year of regulatory tightening," Maybank strategists said in a note.

"Expectations for portfolio-related inflows may continue to support the (yuan)."

The yuan was just hair's breadth away from over 3-1/2 year highs against the dollar.

Turkey's lira lost 0.8%, while stocks rose 0.7% ahead of the central bank's decision due at 1100 GMT. The policy rate is seen unchanged at 14% after 500 bps worth of cuts amid surging inflation sent the currency spiralling to record lows of over 18 a dollar.

Turkey's monetary policy committee will likely remain on hold this quarter, Credit Suisse analyst Berna Bayazitoglu said.

Turkey's decision would follow those of Malaysia and Indonesia which left their respective rates unchanged, while Sri Lanka's was raised by 50 bps.

In geopolitical news, U.S. President Joe Biden said Russia would pay dearly for a full-scale invasion but suggesting there could be a lower cost for a "minor incursion," sowing doubts about Western response to an attack.

Russia's rouble slipped 0.6% after surging 1.2% on Wednesday, while Ukraine's hryvnia moved further away from December 2020 lows. Ukraine's central bank is seen hiking the key rate by 50 bps later in the day.

Biden and his team have prepared a broad set of sanctions and other economic penalties to impose on Russia in the event of an invasion and the U.S. president said Russian companies could lose the ability to use the dollar.

For GRAPHIC on emerging market FX performance in 2021, see http://tmsnrt.rs/2egbfVh For GRAPHIC on MSCI emerging index performance in 2021, see https://tmsnrt.rs/2OusNdX

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(Reporting by Susan Mathew in Bengaluru; Editing by Rashmi Aich)