vasu: benefits? so are we talking about potential contagion of that volatility across agent emerging markets, or do you think beneficiaries know, we are assuming most investors who don't have the risk appetite will be looking elsewhere? vasu: i don't think you will see a big contagion. you are seeing certain sectors in china taking a hit because of regulatory scrutiny and tightening. i don't think it will result in the chinese economy falling off a cliff. i think the chinese government try to manage the economy and fiscal policy. we have already seen them reduce the rrr ratio. it's complex to investors in asia. i think one of the beneficiaries, if you look at singapore, and is one of the markets -- the stock market has done well relative to asian peers. until now, the rock -- lockdown, vaccination rates are going up, and the economy -- if the economy reopens there is potential for them to do quite well. so some of it concerning china will actually benefit, you can see the money make its way into the