* Zloty hits 29-mth low vs euro
* Qatar issues $5 billion three-tranche bond
* Egypt stocks up for 2nd day after 1st round elections
LONDON, Nov 30 (Reuters) - Emerging stocks steadied on Wednesday, helped by a cut in Chinese banks' reserve requirements, but the zloty hit its lowest in nearly 2-1/2 years against the euro as investors continued to fret about the impact of euro zone debt woes.
China's central bank cut its reserve requirement ratio for banks by 50 basis points, the first reduction in nearly three years, to ease credit strains and shore up activity in the world's second-largest economy.
Chinese stocks earlier slumped to their worst day since Aug 8, on worries there would not be imminent easing of monetary policy.
European Union finance ministers and officials are meeting in Brussels on Wednesday to discuss plans to deal with the sovereign debt crisis, though investors remain sceptical about the outcome.
"There is tremendous focus on headline news," said Wike Groenenberg, head of CEEMEA strategy at Citi.
"The intensity of the crisis hasn't fully sunk into minds of some policymakers. My view is that we'll see further ex poste rather than ex ante policy decisions. We are in an environment of tremendous volatility."
The MSCI emerging equities index was steady, and after a bounce in the past few days it remains 3.5 percent above a multi-week high set last week.
The Thomson Reuters emerging Europe index dipped 0.13 percent.
Stocks in the Czech Republic, which is seen enmeshed in western European banking woes, gained 0.5 percent but remain close to April 2009 lows.
Emerging market currencies were generally weaker, with the forint down as much as one percent against the euro before the China news, shrugging off a Hungarian rate hike in the previous session and promise of more to come.
The zloty hit its lowest in nearly 2-1/2 years against the euro.
The Polish central bank has stepped in several times in recent weeks to stem currency losses, dealers and analysts say.
"We could see renewed pressure on the HUF while in Poland we would not be surprised to see the (Polish central bank) involved today," BNP Paribas said in a note.
Emerging sovereign debt spreads tightened by 6 basis points to 384 bps over U.S. Treasuries.
Gulf borrowers have been among relatively rare emerging Eurobond issuers in recent weeks, with their debt seen slightly less correlated to the problems in world markets.
Qatar issued a bumper $5 billion three-tranche bond late on Tuesday, its first bond in two years, which attracted orders in excess of $9 billion.
The bond has five, 10- and 30-year tranches.
"The inclusion of a very cheap 30-year tranche totally reprices the long end of their old curve," said one emerging debt trader.
"It's the five-year that retail are going for."
Egyptian stocks continued to rise after a high turn-out and peaceful process in the first round of Egyptian elections on Monday and Tuesday.
However, Egyptian assets have generally been weak due to political and economic uncertainty, with the pound testing near-seven-year lows on Wednesday.
"We need to see the central bank building up reserves, they have been down by 40-50 percent since February. Now that the currency has gone beyond 6 (versus the dollar), they do not have the firepower to maintain stability," said Anthony Simond, investment analyst at Aberdeen Asset Management.
"People would want to see an elected government in place and some sort of clarity regarding fiscal and monetary policy, with the fiscal deficit at 9-10 percent of GDP." (Additional reporting by Sebastian Tong; editing by Stephen Nisbet)
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