The offshore RMB exchange rate continues to test the psychological barrier of 7.3. When it did not break 7 in mid-May, the economic data in July was terrible. CPI fell directly into negative values, and the deflationary pressure was not small. The Purchasing Managers Index continued to be below the 50 boom-bust line, and it was difficult to see improvement. The worst import and export data is even more worrying. Imports fell by 12.4% year-on-year, and the market expected a decline of 4.8%; exports fell by 14.5% year-on-year, and the market expected a decline of 11.5%. Combined with the recent debt thunderstorms of Country Garden, Zhongzhi Group, etc., the overall economic environment is not optimistic at present. The lips and teeth are cold, and both China and the United States will be under pressure! Patiently wait for a financial storm, let us enter a period of crazy money printing and water injection!