In this episode of Current Account, Clay is joined by two IIF colleagues, Marcello Estevão, Managing Director and Chief Economist, and Gene Ma, Head of China Research and Chief Representative for the Asia-Pacific region, to take a closer look at China’s evolving role in the global economy at a time when growth is no longer the country’s top priority. Long viewed as the engine of global expansion, China is now emphasizing domestic stability, reshaping trade patterns and global economic dynamics in the process.

Drawing on recent travel across the region and insights from the IIF China Economic Forum, they discuss how policymakers and market participants are interpreting China’s shift away from growth-driven stimulus toward a more measured approach. The conversation explores the drivers behind China’s record trade surplus, including the role of weak imports alongside steady exports, ongoing challenges in the housing sector, rising household savings, and persistent deflationary pressures.

Clay, Marcello, and Gene also examine how China’s increasing focus on trade with emerging markets—and reduced engagement with advanced economies—is reshaping global trade flows. The episode concludes with a forward-looking discussion on what really matters for understanding China in 2026, and why the key question may no longer be how fast China grows, but how its new economic posture affects the rest of the world.

This IIF Podcast was hosted by Clay Lowery, Executive Vice President, Research and Policy, with production and research contributions from Christian Klein, Digital Graphics and Production Associate and Miranda Silverman, Senior Program Assistant.

In this episode of Current Account, Clay sits down with Hannah Anderson, Senior Policy Advisor in the IIF’s Digital Finance department, to discuss how digital payments, tokenization, and emerging stablecoin frameworks are shaping global financial innovation in early 2026.

Clay and Hannah explore why digital payments and tokenization have transitioned from experimental concepts to core priorities for both the official and private sectors. They examine the surge in tokenization initiatives—particularly in Asia—where public–private pilots are expanding rapidly and jurisdictions are working to establish the regulatory infrastructure needed to scale digital asset markets.

The conversation also looks at the growing momentum behind stablecoin development, what these launches could mean for global payments, how they might interact with existing dollar‑backed stablecoins, and what financial institutions should watch as regulatory clarity evolves. Finally, they consider the broader implications for cross‑border payments, including opportunities to modernize settlement systems, improve efficiency, and support interoperability as tokenized and digital payment rails mature.

This IIF Podcast was hosted by Clay Lowery, Executive Vice President, Research and Policy, with production and research contributions from Christian Klein, Digital Graphics and Production Associate and Miranda Silverman, Senior Program Assistant.

In this episode of Current Account, Clay is joined by Christian Mumenthaler, former CEO of Swiss Re and current chair of the UBS Center for Economics in Society, to examine Europe’s economic competitiveness at a pivotal moment for the global economy. Recorded live from Zurich, Switzerland, the episode situates Europe’s outlook amid intensifying geopolitical pressures, regulatory debates, and shifting transatlantic dynamics.

Drawing on his experience leading a global financial institution, Christian offers his assessment of Europe’s competitive position following the release of the Draghi report and weighs in on whether concerns about stalled innovation and productivity are overstated.

The conversation explores how Europe’s financial regulatory and supervisory framework affects growth, whether the continent can balance increased defense spending with ambitions in digital innovation and the green transition, covers some common themes or myths around Europe and its progress, and how Europe should approach its economic relationships with the United States and China as fragmentation deepens.

This IIF Podcast was hosted by Clay Lowery, Executive Vice President, Research and Policy, with production and research contributions from Christian Klein, Digital Graphics and Production Associate and Miranda Silverman, Senior Program Assistant.