Here are the various ways the US depends on China

Last week, Beijing devalued its currency the renminbi several times, which brought up fears over what that means for other countries who have economic relationships with China such as the US.

In light of that, Joseph P. Quinlan, chief market strategist at US Trust, Bank of America Private Wealth Management, detailed the significant and insignificant economic relationships between the two powerhouses.

Sino-US ties are relatively significant in terms of trade and credit, according to Quinlan. US imports from China totaled $482 billion, or 16.9% of the total in 2014. Additionally, China's holdings of US treasuries have increased over the last fifteen years, totaling around $1.2 trillion at the end of 2014.

On the flip side, China accounts for less than 2% of total US foreign direct investment stock - at around $66 billion in 2014. By comparison, the US' investment position is $77 billion in France, $115 billion in Germany, and $311 billion in Ireland.

"China's hit a rough path, no doubt. We expect more volatility from one of the world's top growth engines. Get used to it, but don't panic. The market hysteria over China's foreign exchange regime is 1) out of proportion to the nation's future growth outlook; 2) counter to the beneficial adjustments of China's FX regime; and 3) misguided given America's relatively thin investment linkages with China," Quinlan wrote.