China’s trade surplus with the US remains stubbornly large, but its appetite for Treasuries is fading. So where are the dollars going, and what does that say about the country’s evolving financial strategy? Kevin Coldiron welcomes back Dr. Zoe Liu for a nuanced look at how Beijing is managing external pressure, internal control, and the creeping disruption of dollar-backed stablecoins. Behind the headlines is a deeper story about surveillance, capital flight, and the boundaries of monetary sovereignty. As China builds shadow reserves and experiments with programmable money, the question isn’t just what it fears it’s what kind of system it’s trying to build instead.

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Episode TimeStamps:

02:11 - Introduction to Zoe Liu

04:15 - How U.S tariffs impact shipping costs and the deficit with China

17:27 - What is China actually doing with their earned dollars?

27:52 - Are FX entrusted loans reinforcing the dollar based trading system?

36:07 - What are stable coins and why are China worried about them?

42:31 - The second level of...

IL42: Redefining Sovereignty in a Borderless Financial System ft. Zoe Liu

Top Traders Unplugged