* Rate decisions in Hungary, Nigeria on tap

* China, HK shares weigh as property measures fail to impress

* EM stocks down 0.7%, FX off 0.1%

May 21 (Reuters) - A gauge for emerging market stocks dipped on Tuesday as losses in heavyweight Chinese and Hong Kong shares weighed, while most currencies traded in a tight range as investors awaited clues on the U.S. Fed's interest rate path.

As of 0811 GMT, MSCI's index for emerging market stocks was down 0.7%, set to snap a seven-day winning streak, while a gauge of regional currencies lost 0.1%.

Mainland Chinese bourses fell 0.4% each as optimism around Beijing's measures to lift the struggling property sector announced last week appears to have fizzled out.

"With more property and fiscal support in the pipeline, we still expect the economy to see a cyclical, gradual recovery this year," strategists at Societe Generale said in a note.

"As for policy, there now seems to be a sense of urgency that's strong enough to force material action."

Hong Kong shares lagged regional peers to clock a drop of more than 2% at the close.

A sense of prudence prevailed in currency markets on Tuesday after several Fed policymakers called for continued policy caution.

Minutes from the Fed's last policy meeting due on Wednesday would be awaited to gauge where the central bank stands on easing this year.

China's yuan hit a three-week low against the greenback and was last at 7.2384 per dollar as the country's central bank set the official guidance at the weakest level in nearly three months and capital outflows worsened.

In Central Eastern Europe, most currencies were rangebound, with the Hungarian forint dipping 0.2% against the euro ahead of an interest rate decision later in the day, with the bank widely expected to cut its base rate by 50 basis points.

Turkish stocks were up 1.9% ahead of a rate decision this week.

South Africa's rand was flat at 18.19 per dollar in the lead-up to key economic data later in the day, while shares in Johannesburg fell 0.8%.

Russia's rouble strengthened 0.3% against the dollar to its highest level since March, supported by high interest rates, state foreign currency sales and capital controls.

Investors will also monitor a rate decision in Nigeria later in the day, with the central bank expected to hike rates by at least 100 bps.

HIGHLIGHTS:

** Vietnam lawmakers vote to dismiss police minister, clearing way for his presidency

** Hungary's economic leaders clash once again

** Pakistan GDP grows 2.09% in Q3 of FY2023-24

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For CENTRAL EUROPE market report, see

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For RUSSIAN market report, see

(Reporting by Shashwat Chauhan in Bengaluru; Editing by Nick Macfie)