By Saikat Chatterjee HONG KONG, June 27 (Reuters) - The liquidity crunch in China's financial system last week spooked global markets and led to a downgrade in the outlook of Hong Kong banks that has raised alarm bells about contagion. The widespread panic from the dizzying spike in onshore interbank rates offers a valuable lesson in risk management for the gatekeepers of Hong Kong's growing yuan markets as the territory's banks have deep ties to state-run mainland banks. China's central bank has balked at injecting funds into the money markets as it cracked down on funds flowing into the country's vast informal loans market known as "shadow banking". While offshore markets saw only moderate...
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