By Johann M Cherian

July 1 (Reuters) -The rand led gains among most emerging market currencies on Monday after South Africa unveiled its long-awaited cabinet following recent elections, while investors also parsed through several factory activity surveys from local economies.

The currency ZAR= strengthened 1% and hit over a one-week high after President Cyril Ramaphosa announced his long-awaited new 32-member cabinet of the country's first coalition government, including appointing a former opposition leader as agriculture minister.

Yields on South Africa's benchmark sovereign bond ZAR2030= slipped 12 basis points (bps), while the all-share equities index .JALSH rose 0.9% and notched a one-week high.

"Markets will be hoping that the broader political party inclusion in parliament can results in fast-tracked structural reform and help lift economic growth within the country. There might be a narrative to start easing rates sooner to further support growth," said Shaun Murison, senior market analyst at IG.

The rand has swung between outsized gains and declines as uncertainty brewed in the run-up to the announcement.

MSCI's index-tracking equities in the developing world .MSCIEF inched up 0.1%, while the currencies index .MIEM00000CUS was flat against the dollar.

Investors await U.S. employment reports throughout the week that can impact the Federal Reserve's policy path.

With most emerging market currencies trading at record lows, they stand the risk of further depreciation as local central banks cut interest rates even as the Fed delays its easing cycle.

China's blue-chip stocks .CSI300 closed up 0.5% and the Shanghai index .SSEC ended higher by 0.9% after a survey showed manufacturing activity in the world's second-largest economy grew at the fastest pace in more than three years in June.

However, the numbers contrasted official data that was released on Sunday.

Turkey's lira TRYTOM=D4 strengthened 0.5%. The local finance minister said foreign investment could accelerate after the country was lifted from an international financial crime watchdog's "grey list" late last week.

Ahead of June inflation data due on Wednesday, he also added that monthly inflation would ease to 2% and 1% in the upcoming period.

In South Asia, India's BSE Sensex equity index .BSESN added 0.6%. Data showed manufacturing activity rebounded in June on robust demand, despite inflationary pressures remaining elevated.

In Europe, the focus is squarely on elections in France following the far-right National Rally party's historic win, and analysts at Barclays expect central and eastern European currencies to be sensitive to further developments ahead of Sunday's runoff.

Poland's zloty EURPLN= climbed 0.4% against the euro, while Hungary's forint EURHUF= firmed 0.5% to a three-week high.

Markets also assessed manufacturing surveys in the region, ahead of central bank policy decisions out of Poland and Romania later in the week.

Reporting by Johann M Cherian in Bengaluru; Editing by Anil D'Silva

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