Asian stocks didn't seem too affected by this though. The Shanghai composite index is now resting pretty much exactly where it was before the Lunar New Year Celebrations.
A large driver of the new direction of course are the central banks who are now responding to the panic in kind. The People's Bank of China has been pumping money in since the start of this and we now have a commitment from the Bank of Japan that they're ready to act with further stimulus.
In the United States even though the Fed hasn't expressly said anything on the matter, the market now fully expects them to take drastic measures at their upcoming meeting on March 18th.
Before that though, tonight it will be the Reserve Bank of Australia who takes the stage at 2:30 PM in Sydney. Analysts seem to be forecasting an emergency rate cut from 0.75% to 0.50%. Will they give into the fear and pressure?