NEW YORK (TheStreet) -- China and other emerging market economies are feeling the wrath of falling U.S. bond prices and spiking interest rates.Although the Chinese central bank is lightening up on its tight policy controls and the European economy is healing nicely, the threat U.S. monetary policy poses to both commodity-producing countries and U.S. markets is causing selling pressure in Chinese equities. The chart below is of iShares China Large-Cap ( FXI). Chinese equities bottomed in late June and had been on a steady uptrend till mid-August. Positive economic data out of developed nations as well as their domestic numbers provided the catalyst for China's move higher. Nonetheless, the tone set by the Federal Reserve meeting minutes, released Wednesday, proved that policy makers were reluctant to temper rising interest rates. As of now, market participants believe September is the date of tightening U.S. monetary policy. Although Chinese equities are approaching strong support levels, future movements will depend heavily on economic data out of the U.S. for guidance on when tightening will actually occur.