While many investors remain frightful as the broader markets continue to sell off, PIMCO's Tony Crescenzi, said Sunday he sees this as an opportunity.
"We would take advantage of this weakness. Consider how the interest rates will be three to five years from now," Crescenzi said. "Rates are likely going to be extremely low to historical standards, so global institutional investors will be pouncing on this opportunity.
Investors across the globe struggled to find direction, with U.S. futures trading down about 1 percent across the board after Wall Street recorded its worst trading day since 2011 and with Japan's Nikkei 225 falling about 2 percent.
"We expect further action from China and we expect further action from other central banks," Crescenzi told CNBC. "When one thinks about China and its recent devaluation of its currency, one has to also think about the actions of other central banks and what they might do."
"What ultimately will happen is, we expect further actions by ...China to stimulate its economy and net-net-net, it could turn out a positive," Crescenzi added.
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Still, Mohamed El-Erian, chef economic adviser at Allianz, said investors will be in for a rough ride moving forward, as this current selloff is not over yet.
"We haven't seen one of two things that we need. Either we need better economic news to calm concerns about an accelerating global slowdown, or some policy intervention, not from the ECB or the Fed ... but that holds in the emerging world," El-Erian told CNBC on Sunday.
He added that, without any of these elements, emerging market economies would have a hard time pulling themselves out of the hole since oil prices keep falling.