the western australian paper, page-11

"China sneezes, we all catch cold."

Yes but only for a short while.
If they manage to slow china's growth (about 9% I think) a country that large growing at 8% is still nothing to be sneezed at.
I believe that any interest rate hike would only be to stop growth accelerating and maintain current levels of growth.
Once the market realises this we will be off to the races again, they have only used this as an excuse to manipulate the market.
All IMO.