Chinese shares fall as PBOC tightening continues.

Chinese shares dropped for the fourth day in a row, slumping 1.45% as short-term money market rates continued to rise after the Bank of China again refrained from injecting liquidity into the market. The overnight rate touched 7.5% at one point and the benchmark seven-day hit 6.94%. Experts are divided over whether the PBOC's strategy is seasonal or whether it signals a longer-term attempt to keep inflation under control and tame the growth in credit.