Introduction

While the reverberations from the sharp rise in US subprime mortgage loan delinquencies continue to be felt in the US and across Europe, the emerging markets - long the focal point for any financial market crisis - have so far weathered the storm pretty well.

There's been the odd judder in stock prices and the occasional revelation of losses due to subprime exposures - most notably Bank of China, which announced in August that it held a whopping $8.97 billion in asset-backed securities (ABSs)

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