Don't expect the Chinese government to sharply devalue its currency anytime soon, even if it would help stimulate its slowing economy, says Greg Woodard, senior analyst at Manning & Napier.

"The Chinese government knows that a sharp devaluation of the renminbi would not be well-accepted by foreign governments, and would also be seen as a sign of potential instability," said Woodard. "This would conflict with their efforts over several decades to cultivate the image of being a stable, responsible global economic power and would make it much more expensive to service their dollar-denominated debt."

As a result, Woodard predicts that a sharp and uncontrollable currency devaluation would not serve Beijing's political or financial interests, even though it would spur China's economy, given its position as the world's largest exporter.

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Meanwhile, volatility in the Chinese market has spilled over to U.S. stocks and will continue to do so. Nevertheless, Woodard says the choppiness in equities does not currently suggest a risk of a sustained bear market due to improvements in the labor market.

Investors unafraid of the bumpy stock market should look overseas to maximize their chances of achieving long-term objectives, according to Woodard. He says the long-term story for emerging markets is compelling, especially as the middle class grows across the globe.

"You want to take advantage of some of these trends related to a rising consumer," says Woodard. "Companies like Visa (V) - Get Report and MasterCard (MA) - Get Report are international and they are taking advantage of this secular trend toward a shift from payments by cash and check to electronic payments."

Finally, when it comes to finding yield, Woodard says investors need to look to spread product in the bond market, but should avoid the lowest-rated debt.

"We think if you focus on some of the higher-quality corporates and high-yield bonds, you can find a good risk/reward scenario," he says.