* Rand steady ahead of South Africa election

* Investors focus on global inflation data

* China stocks close lower

May 28 (Reuters) - Emerging market stocks and currencies were mostly little changed on Tuesday as investors geared up for inflation readings from across the globe for guidance on monetary policy, as well as elections in South Africa.

The South African rand firmed for a third straight day, trading at 18.39 per dollar, ahead of the elections on Wednesday which could see the ruling party lose its majority for the first time in 30 years.

"Markets appear to be positioned for a status quo outcome, with the ANC (African National Congress) expected to get somewhere around 45% and to cobble together a coalition with smaller parties and/or the IFP," said Patrick Curran, senior economist at Tellimer Research.

"While this outcome would be far from positive from a policy perspective, there have been nascent signs of reform momentum under the ANC of late (with easing electricity and transit bottlenecks), so markets are likely to view this outcome as marginally positive given the removal of downside risks."

The currency hit an over nine-month high versus the dollar last week amid expectations that the vote was unlikely to disrupt markets.

The South African Reserve Bank (SARB) will meet on May 30 and analysts said an interest rate cut was unlikely despite slowing inflation in April.

Most other developing world currencies edged up against the dollar as investors awaited the U.S. core personal consumption expenditures (PCE) price index - the Federal Reserve's preferred measure of inflation - scheduled for release on Friday.

An index of EM currencies is set for monthly gains, with the dollar coming under pressure in recent weeks on expectations of rate cuts from the Fed.

The EM equities index dipped 0.1% on Tuesday, with Shanghai stocks posing as a drag despite a slew of stimulus measures announced in recent days.

"From the recent data that we've seen, it does look like China's economy has bottomed," said Kunjal Gala, head of global emerging markets at Federated Hermes.

"It's not just the near-term numbers, but also the medium to long term trajectory of China that is extremely interesting. When the retail investor in China wakes up, the market momentum will become extremely positive."

Zambia's ministry of finance meanwhile said that more than 90% of holders of its $3 billion in outstanding international bonds had accepted its restructuring proposal so far, paving the way for the south African country to emerge from a lengthy default.

Its international bonds traded unchanged following the news.

Zambia secured a $1.3 billion loan from the International Monetary Fund in 2022, which required it to restructure its debt with other creditors.

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(Reporting by Sruthi Shankar in Bengaluru; Editing by Nick Macfie)