Senior Fellow @cfr.org; PhD, CFA. Award-winning Author. Opinion my own.https://bsky.app/profile/zoe-liu.bsky.socialhttps://bsky.app/profile/zoe-liu.bsky.social/post/3mmc5qb7xxk2vI recently had the pleasure to join Bonnie Glaser at GMF on her podcast to discuss the rational and limits of China's push to internationalize the RMB. Let me know what you agree and what you disagree with me! https://youtube.com/watch?v=UDQrlwwZtVg&si=P8e6Idp8VXlK62ix20 May 2026 14:50 +0000at://did:plc:h44qa3rynspackqltust3z72/app.bsky.feed.post/3mmc5qb7xxk2vhttps://bsky.app/profile/zoe-liu.bsky.social/post/3lwrtel6c422yMy latest at @foreignpolicy.com explains why dollar-backed stablecoins are economic challenge and political threat viewed by the CPC. I show China's evolving policies towards blockchain and crypto. I also explain how China is most likely to respond. https://foreignpolicy.com/2025/08/19/china-stablecoins-crypto-dollar-genius-act/19 Aug 2025 21:13 +0000at://did:plc:h44qa3rynspackqltust3z72/app.bsky.feed.post/3lwrtel6c422yhttps://bsky.app/profile/zoe-liu.bsky.social/post/3lu6xib4omk2iI am happy that the paperback of "Sovereign Funds: How the Communist Party of China Finances Its Global Ambitions" is now available! Get a copy and chat with me, or to impress your in-laws! 😊 a.co/d/al0rW3117 Jul 2025 22:16 +0000at://did:plc:h44qa3rynspackqltust3z72/app.bsky.feed.post/3lu6xib4omk2ihttps://bsky.app/profile/zoe-liu.bsky.social/post/3ltwusylvrk27My latest piece @projectsyndicate.bsky.social explains China's sentiment to Trump's tariffs. BJ views it has weathered it well and emerged more confident, more self-reliant, and more convinced its long game is paying off. Trump's tariffs have also turbocharged China's tech ambitions. [contains quote post or other embedded content]14 Jul 2025 17:07 +0000at://did:plc:h44qa3rynspackqltust3z72/app.bsky.feed.post/3ltwusylvrk27https://bsky.app/profile/zoe-liu.bsky.social/post/3loqlsqwkpc23Re President Xi's state visit to Russia, my colleague @cfr.org Tom Graham and I wrote @projectsyndicate.bsky.social on China's role in Ukraine. Trump said Xi can help end the war. We beg the difference. We show why China is needed for an enduring peace but cannot swiftly deliver an end to the war. [contains quote post or other embedded content]09 May 2025 14:04 +0000at://did:plc:h44qa3rynspackqltust3z72/app.bsky.feed.post/3loqlsqwkpc23https://bsky.app/profile/zoe-liu.bsky.social/post/3lo5766ocwc2iSeveral news stories today report that China is signaling openness to trade talks, which fits with patterns of Chinese diplomacy. As I wrote recently: "Beijing has shown a strong capacity for retaliation and a tactical openness to negotiation, but not a willingness to kowtow." [contains quote post or other embedded content]01 May 2025 20:57 +0000at://did:plc:h44qa3rynspackqltust3z72/app.bsky.feed.post/3lo5766ocwc2ihttps://bsky.app/profile/zoe-liu.bsky.social/post/3lo4pxgp7ys2kAs I argued in my latest @foreignaffairs.com article, the concentration of authority allows the Chinese leader to make sweeping policy decisions unchallenged and to reverse course just as swiftly. Re"China signals opening for trade talks with US" on.ft.com/4d7EovN https://on.ft.com/4d7EovN01 May 2025 16:25 +0000at://did:plc:h44qa3rynspackqltust3z72/app.bsky.feed.post/3lo4pxgp7ys2khttps://bsky.app/profile/zoe-liu.bsky.social/post/3lnxbuvoni225My latest @foreignaffairs.com I explain why this time Beijing, if necessary, is ready to decouple from the US. Chinese leadership harbor no illusion that China can win a trade war with the US. But they are willing to risk one that Trump might lose. https://www.foreignaffairs.com/china/how-china-armed-itself-trade-war29 Apr 2025 12:30 +0000at://did:plc:h44qa3rynspackqltust3z72/app.bsky.feed.post/3lnxbuvoni225https://bsky.app/profile/zoe-liu.bsky.social/post/3ln3t4kes7s2wI recently had the privilege of joining @bilalhafeez.bsky.social on Macro Hive to discuss a wide range of issues in the context of US-China trade tensions. I enjoyed the conversation greatly! We covered how, why, and broader implications. Check it out and share with me your thoughts! 🙂 @cfr.org [contains quote post or other embedded content]18 Apr 2025 14:24 +0000at://did:plc:h44qa3rynspackqltust3z72/app.bsky.feed.post/3ln3t4kes7s2whttps://bsky.app/profile/zoe-liu.bsky.social/post/3lmo6blasn22oAt a @cfr.org briefing with my distinguished colleagues, I explained how China’s leadership is prepared to respond to rising trade tensions despite not wanting a trade war and why China has the flexibility to pivot quickly. https://youtube.com/shorts/RtuYblNmVxg?feature=shared13 Apr 2025 04:06 +0000at://did:plc:h44qa3rynspackqltust3z72/app.bsky.feed.post/3lmo6blasn22ohttps://bsky.app/profile/zoe-liu.bsky.social/post/3lmgsx4b5xk22@adamposen.bsky.social convincingly explains why the Trump admin may have chosen to go to an unwinnable trade war. "U.S. economy will suffer more than the Chinese economy will, and the suffering will only increase if the United States escalates." https://www.foreignaffairs.com/united-states/trade-wars-are-easy-lose10 Apr 2025 05:55 +0000at://did:plc:h44qa3rynspackqltust3z72/app.bsky.feed.post/3lmgsx4b5xk22https://bsky.app/profile/zoe-liu.bsky.social/post/3lmfw7nxv5s2fI had the privilege to write for The International Economy amid other prominent thinkers discussing the proposed Mar-a-Lago Accord. I argue it is not a magic wand. As it is envisioned, it is unlikely to achieve the desired goal of trade rebalance. Full collection in pdf: https://www.international-economy.com/TIE_F24_MaraLagoAccord.pdf09 Apr 2025 21:20 +0000at://did:plc:h44qa3rynspackqltust3z72/app.bsky.feed.post/3lmfw7nxv5s2fhttps://bsky.app/profile/zoe-liu.bsky.social/post/3lmawpoe3pk27Recent events made me think of a @foreignpolicy.com piece I wrote in 2022 on how China prepares for an economic war. While this piece has aged well, I am not happy. I am saddened normal people & businesses are becoming collateral damages in great power competitions. https://foreignpolicy.com/2022/06/16/china-economic-war-decoupling-united-states-containment/07 Apr 2025 21:46 +0000at://did:plc:h44qa3rynspackqltust3z72/app.bsky.feed.post/3lmawpoe3pk27https://bsky.app/profile/zoe-liu.bsky.social/post/3llvz7ai37c24At a recent @cfr.org event, I discussed with my colleague Rush Doshi why China is NOT desperate for a deal with the Trump administration. A deal is something nice to have, but not a must have. This time China is more prepared, experienced, and capable of retaliation. https://youtu.be/R8wc3MUWj1Q?feature=shared03 Apr 2025 13:31 +0000at://did:plc:h44qa3rynspackqltust3z72/app.bsky.feed.post/3llvz7ai37c24https://bsky.app/profile/zoe-liu.bsky.social/post/3lgvplbru2k2vMy latest @foreignpolicy.com on what it takes to get a Trump-Xi grand bargain. To succeed in negotiations with China, Trump administration needs to present Chinese leadership with a dilemma rather than a direct confrontation. @cfr.org 🧵1/9 https://foreignpolicy.com/2025/01/29/trump-china-trade-grandbargain/29 Jan 2025 19:33 +0000at://did:plc:h44qa3rynspackqltust3z72/app.bsky.feed.post/3lgvplbru2k2vhttps://bsky.app/profile/zoe-liu.bsky.social/post/3li34wgancs2iTrump's foreign policy announcements have made me think about a game most of us have played: Monopoly. 🎩 I wrote about this in my @foreignpolicy.com piece, in the context of exploring how Trump and Xi could to redefine US-China relations. [contains quote post or other embedded content]13 Feb 2025 16:40 +0000at://did:plc:h44qa3rynspackqltust3z72/app.bsky.feed.post/3li34wgancs2i