NEW YORK (TheStreet) -- While emerging markets were getting slammed ahead of the Federal Reserve's meeting, its decision not to taper bond buying has created some areas of opportunity.

Schroders Director of Latin America James Barrineau told TheStreet's Gregg Greenberg that instability in the Treasury market sends ripples all throughout fixed-income. He added that if the Fed can pull off a taper without disrupting the Treasury market, then this will bode well for emerging markets.

Although China is a large component in the emerging market space, it's not the only piece that matters. Barrineau said the Chinese activity is a good indicator for other emerging markets and its stability helps in commodity prices. He likes the three-year bonds from Chinese properties, which yield between 8% to 12% and have little volatility.

He concluded that his favorite areas in emerging markets were local currencies and local rates, the latter of which will rebound strongly when the Fed is out of the economic picture. He suggested investors avoid dollar-sovereign debt that is linked to Treasuries, especially for those that want to avoid interest-rate risk.

-- Written by Bret Kenwell in Petoskey, Mich.

Bret Kenwell currently writes, blogs and also contributes to Robert Weinstein's Weekly Options Newsletter. Focuses on short-to-intermediate-term trading opportunities that can be exposed via options. He prefers to use debit trades on momentum setups and credit trades on support/resistance setups. He also focuses on building long-term wealth by searching for consistent, quality dividend paying companies and long-term growth companies. He considers himself the surfer, not the wave, in relation to the market and himself. He has no allegiance to either the bull side or the bear side.

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