July's financial data really reflects the current state of China's economy: First, new RMB loans are negative 340 billion, especially in the household sector, which is completely down—basically, no matter what, people just aren't borrowing money anymore. Deposit amounts surged because non-bank institutions increased by 5.76 billion, meaning everyone's money went into the stock market. In July, household deposits were negative. Total social financing is entirely propped up by government bonds. Chinese people aren't spending money. It seems like if you want to make money off Chinese people, the only way is through deception.