According to Jinshi, Nigel Green, CEO of deVere Group, said in a report that the Fed's hawkish stance could put pressure on emerging market central banks. He pointed out that high interest rates in the United States could force central banks in countries such as South Africa, India and Mexico to raise their own interest rates in response to currency depreciation, inflationary pressures, capital flight risks and foreign debt repayment issues.

That in turn could attract foreign investors seeking higher returns, leading to increased demand for emerging market bonds. Emerging market stocks could also be boosted by sectors such as financials and utilities, which could benefit from higher interest rates, he added.