Shanghai index hits 1-year low

China's stock markets continued to fall on Tuesday, with the Shanghai Composite Index (SCI) falling just over 4% to a one-year low, AP reported. The SCI closed down 4.1% to 3,329.16 points, its lowest close since April 6, 2007. The Shenzhen Composite Index, meanwhile, closed down 7.3% to 1,018.03. Investors were worried by a People's Bank of China statement this week that it would continue to tighten monetary policies to rein in inflation. Some analysts are expecting the government to implement austerity programs such as interest rate hikes over the next several weeks.