The following commentary comes from an independent investor or market observer as part of TheStreet's guest contributor program, which is separate from the company's news coverage.By Ivan Marchtev NEW YORK ( InvestorPlace) -- In the past six months, we've seen four rate hikes by the People's Bank of China (PBOC), and rather than continuing to decline as everyone had expected, Chinese A-Share stocks are now rallying. What gives? Well, I think the stock market feels that the end of the PBOC rate hikes is near. The Chinese economy had been growing at an unsustainable pace -- an alarming 11.9% in the first quarter of 2010 -- so the monetary tightening that came in the form of short-term rate hikes, reserve requirement increases, and lending quota cuts was to be expected. This naturally caused mainland Chinese equity indexes to underperform, as the tightening applies extra pressure on financial stocks and property developers. Yet even with those actions, there is still no evidence of the crash in the Chinese commercial and residential property markets that had been feared by bears in the camp of Jim Chanos and the like. There are certainly issues that the Chinese authorities would like to address -- such as the rapid growth of shadow banking lending that is outside the control of the PBOC. This type of lending is facilitated by Chinese trust companies that repackage loans to be sold as wealth management products to wealthy Chinese customers. Deposit rates in China are still negative in real terms, so the appeal of such products with higher yields is understandable.