Cramer's Lesser Known China Plays

China's decision to let its currency appreciate against the dollar is the antidote to Europe's debt crisis and the reason the markets rallied Monday. Now that the markets have come back down, we are getting into China plays at a good price, but go with the less visible names.

In the tech space, Cramer likes Baidu because it owns up to 70% of the Chinese search market. Yahoo! is another big Internet player in China, but Cramer said it gets no credit for its Chinese holdings that could be worth at least $6 billion. The figure is not reflected in the $21 billion market capitalization.

Cramer is also excited about Apple because the collective purchasing power of China has increased dramatically. The iPhone is gaining popularity there and he thinks the iPad will take off. For that reason, he's also recommending Apple derivative plays, like Cirrus Logic .

Elsewhere in the tech sector, Marvell Tech makes semis for hard drives. In the next six months, new products will kick in 26% of Marvell's business with China. 3D chip maker NVIDIA is perhaps the biggest tech winner, Cramer said, because the company gets 39% of its sales from China.

It could be that the best plays on China, Cramer said, could be those stocks that aren't thought of as derivatives or the undervalued plays. Coach , for example, has 37 stores in China and "enormous" room to grow after buying out its Asian rival. Nike is going from 300 cities in China to 500 cities.

Yum! Brands gets 30% of its sales from China. Its KFC franchise is widely popular with 3,500 locations and plans to open 96 new ones this quarter.
Wynn Resorts has two locations in Macau, the only place in China where gambling is legal. It represents nearly two-thirds of the company's revenues and has room to grow, as Wynn's Encore is the only hotel to open this year in Macau.

"That's how you try to make mad money off something as obscure as a currency being allowed to appreciate 3% over time."

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