Hong Kong - Hong Kong officials Monday welcomed the bailout deal for the US economy but questioned whether the 700 billion US dollars in the package will be enough to revive global money markets.

Hong Kong's financial secretary John Tsang said he hoped the rescue package could be implemented quickly so that it would stabilize not only the US economy but the global financial system.

Hong Kong Monetary Authority chief executive Joseph Yam said the plan would reduce the danger of further failures of financial institutions in the US.

But Yam said it was unclear whether the 700-billion-dollar deal, agreed on Sunday in the US and which could go to a vote as early as Monday, would be enough.

Hong Kong's Hang Seng Index gave the deal a muted welcome with share prices falling almost 2 per cent at 18,320 points by midday Monday with trading at light levels. (dpa)