In fact, during the week of September 11 liquidity bottlenecks at times became so severe that the Federal Reserve needed to lend substantial amounts directly to institutions through the discount window, besides providing billions more in payment system float on uncleared checks, and through  BIS Review 15/2002  1  open market operations.
In China, however, exports and imports declined and the pace of increase in production slowed around the turn of the year, due to the effects of monetary tightening to contain the rise in prices as well as to stagnation in the European economies associated with the debt problem.