As interest rates rise in the US and US dollar strengthens emerging markets (EM) have to export more for the same amount of US dollars. The other option is for EM exporters to the US to raise prices which is inflationary or both. Either way foreign investment capital leaving the shores of EM could lead to an Asia currency crisis 2.0.
Turkey Sri Lanka Lebanon Russia (despite what people tell you that the RUB has strengthened against the $ which is false The Black Market exchange rate is north of 200 rubles)