rajeev: thank you for having me. is a very unusual circumstance looking back in the last three decades to have the fed embarking on such an aggressive hiking cycle, real rates going up so much and em holding up so well. it is really something quite different and reflects the good fundamentals and the preparedness with which emerging markets have come into this rate hiking cycle. many of them hiked before the fed and their economies were not plagued by an excess surge of foreign capital which did not come in the last 10 years. em has not been a favorite destination on the bonds side for the last decade. so it is not as though it is a crowded market where people are preparing to exit, it is more one that investors are seeing this local -- this low correlation that your chart should early on. shery: but economic fundamentals say that china, so important in emerging markets it has been really tough at the moment. we saw the chinese yuan fall to the november low against the u.s. dollar. is that a headwind for em's or coul