HKMA offers emergency liquidity

The Hong Kong Monetary Authority (HKMA) on Tuesday announced five steps to counter paralysis in the territory's money markets.

A spokesperson for the HKMA said that the measures were taken in light of international financial conditions.

"Continuing stress in the financial systems of developed markets has caused some concern among licensed banks in Hong Kong over the credit worthiness of each other," the spokesperson said. "This concern, together with a wish to preserve liquidity to meet their