I spoke to Luis Videgaray, the Mexican Finance Minister, and he told me a readjustment in emerging market portfolios has been expected for quite some time as the Fed continues to taper. Some of the readjustment took place last year, and he anticipates there will be more emerging market volatility through 2014.
(Read more: Fed tapering good for Mexico: Finance Minister)
With the Mexican peso weaker by around 3.5 percent against the dollar this month, the Mexican currency has held up pretty well compared to other emerging market currencies. Videgaray told me the key is to ensure liquidity isn't tightening, and until now there have been no signs of this.
Mexico is an open, emerging economy, and Videgaray thinks the country is well-positioned to withstand the current volatility. According to Videgaray, at around 45 percent, Mexican debt-to-gross domestic product ratio is low, it has a small current account deficit (less than 1 percent), and the country's banking sector is seen as well-capitalized.
In the aftermath of the 2008 recession, Mexico was not spared — with the country's GDP contracting by almost 7 percent. Videgaray told me their economy now in on track for 3.9 percent growth this year, and unofficial estimates call for growth of 5 percent in 2015. A large part of this has to do with the recovery of the U.S. given that 80 percent of Mexican exports go north (compared to a figure of just 4 percent of their exports to China). Mexico has also been pushing ahead aggressively with new structural reforms which should serve to keep the country strongly positioned.
(Read more: 'Freaking out' about emerging markets may be wrong)
Louisa Bojesen is the anchor of CNBC's "European Closing Bell", M-F, 4-5 p.m. GMT. Follow Louisa on Twitter