Chinese Yuan has opened opportunities, notably in EM FX

As Chinese growth slowed and commodity prices fell, the currencies of commodity exporters and of China's regional trading partners have fallen versus the USD, which has also been strengthening versus major currencies as the US recovery gathers momentum and monetary policy easing is reduced. The CNY move has led to further concerns about EM generally and EM and commodity currencies in particular. 

"The external environment for EM has been more difficult since 2011 and it is likely to get tougher, given that the USD and US rates are likely to rise further and that commodity prices will have limited upside as China continues to slow in the next few years", says Societe Generale. 

A stronger USD, in particular, is usually associated with higher US rates, it dents the FX appreciation gains on EM assets and increases the value of USD-denominated EM debt.