Why Asia is held hostage by emerging markets sell-down

Is this financial crisis part 2?

According to DBS, since May, the market was struggling with a rebound in bond yields in anticipation of a possible QE tapering as early as September. 

DBS said that the lack luster 2Q earnings season that saw a cut in earnings forecasts, and the recent sell-down in emerging Asia equity markets of Indonesia, Thailand and India added to an already uncertain environment. 

"Asian Financial Crisis fear could be rekindled. The reversal in fund flows out of Asia and emerging markets back to developed economies, triggered by the anticipation of QE tapering, rising US 10-year treasury yields and a rebound in the USD, Euro and GBP had exposed the structural vulnerabilities of emerging market economies with high current account deficits," DBS said.