frederick newman is at hsbc and joins us now from hong kong. ederick, thank you for taking the time to speak to us. the selling in indonesia, is it overdone? is it panic selling? >> i think to some degree yes. and certainly there is a lot of spillover here, if you will, contagion from india. people are reassessing the fundamentals in emerging markets, but i'm not quite convinced that indonesia is really in such a challenging state as the markets currently suggest. >> still, if you look at its current account deficit of gdp, 4.4%, india is at 4.8%, the two aren't really that far apart. and we know that the markets have been really focusing on those countries and emerging asia with those very, very weak, very high current account deficits. >> that's right. so the current account deficit is currently the focus of the market and globally, i think, its current account deficit countries didn't get hit the most. remember that indonesia's current account deficit is also showing signs of narrowing quite rapidly. it is due to some one off factors that rea