It's tough, as a value investor, to wake up on days such as this, when global markets post huge gains overnight and domestic markets are poised to follow their lead. Word out of the People's Bank of China that the Chinese yuan would be allowed to float, freed from a longstanding peg to the dollar, has definitely excited the global markets.

While no one wants to be left behind during a market surge, you still have to be careful not to chase stocks in this type of volatile environment. On days like today, instead of tracking the frontrunners, I try to build upon my wish list of stocks that are fairly valued, and that might become even cheaper when the market pulls back. In particular, I look for companies that might stand to benefit from the news that initiated the rally in the first place.

Some investors might choose to look for domestic commodity-based names such as Freeport-McMoRan (NYSE: FCX) or U.S. Steel (NYSE: X), as China's economy will probably become less export-driven as a result of the yuan appreciation. Companies such as those should be able to operate in a more competitive environment now that producers in China have less of a cost advantage. However, instead of looking for the most obvious plays, I look for stocks that are a bit less apparent, yet should still benefit from the appreciation of the yuan.

One such company is Ford Motor (NYSE: F). While China represents only about 3% of Ford's sales, the company's recent growth in the region has been staggering. In the most recent quarter, Ford sold 153,362 units in China, which represents a record 84% increase over the same quarter one year ago. The depegging of the yuan should only aid in a continued increase in sales because the gradual appreciation will make foreign goods in China relatively less expensive.

Let's discuss some other under-the-radar ideas that might benefit from the yuan news. What other stocks are on your wish list?

Andrew Bond does not own shares in any of the companies mentioned. Ford is a Motley Fool Stock Advisor pick. Try any of our Foolish newsletters today, free for 30 days. The Fool has a disclosure policy.