The chance of a Fed hike should be a 0%

There is no way the Fed will hike after this

There are no maniacs at the Fed who want to crash the market. The Fed has the easiest 'out' of all time here. They hadn't committed to a hike anyway and now the market has shown them what will happen if they turn off the easy-money taps.

Fed funds futures implied probabilities are still at a 22% chance of a hike but it should be zero.

At the same time, the PBOC has a tremendous amount of ammunition and I have little doubt they will use it.