Moody's Asian Liquidity Stress Index - unchanged in February

Moody's have an Asian Liquidity Stress Index (LSI)

It increases when speculative grade liquidity appears to deteriorate (and vice versa)

• "The Asian LSI reading of 30.9% in February 2016 remains below the record high of 37.0% reached in December 2008, during the global financial crisis, but is higher than the 12-month trailing average of 26.9%," says Brian Grieser, a Moody's Vice President and Senior Analyst.
• "The Asian LSI remains at elevated levels due to weak liquidity across the oil & gas, metals & mining and related sectors"

Its not surprising that such an index is quite elevated, EMs have borne the brunt of the liquidity strains we've seen since the beginning fo the year.

There is a little more, here, but for a full discussion of the index you'll need to be a Moody's subscriber. but you can get the gist.