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Abstract: We investigate the quantum properties of fields generated by resonantly enhanced wave mixing based on atomic coherence in Raman systems. We show that such a process can be used for generation of pairs of Stokes and anti-Stokes fields with nearly perfect quantum correlations, yielding almost complete (i.e. 100%) squeezing without the use of a cavity. We discuss the extension of the wave mixing interactions into the domain of a few interacting light quanta.