Josh Lipsky

VP & Chair, International Economics @AtlanticCouncil. Senior Director Atlantic Council GeoEconomics Center @ACGeoEcon. Former @StateDept, IMF advisor.

[Josh Lipsky @joshualipsky]

@pstAsiatech news of e-cny's demise has always been greatly exaggerated. Just like Chinese industrial policy, when the government spends hundreds of billions on a project they do not just let it die if there's a slow start.

[Josh Lipsky @joshualipsky]

@Karl_Schamotta @RajaKorman I think we are going to make it happen at IMF annual meetings

[Josh Lipsky @joshualipsky]

@Kiffmeister The only thing new was the mbridge data point

[Atlantic Council GeoEconomics Center @ACGeoEcon]

Chart 1 🇨🇳: A consensus is building within G7 that what makes Chinese industrial overcapacity harmful is that the surge in Chinese exports is accompanied by a drop in China’s imports.

This is visible across the majority of G7 economies, as shown by @clichfield1.

[Josh Lipsky @joshualipsky]

@ChorzempaMartin @gdp1985 Yes that is fair - either way was just useful to see new data and will be curious when we get something official. There’s a reason this data point is out there + macau onboarding last week.

[Josh Lipsky @joshualipsky]

FT has a story on mbridge and a new data point:
"So far mBridge had processed about Rmb470bn ($69bn) in transactions to date, the people familiar with the matter said."
That would mean mBridge has processed 15 billion since January. cc @ChorzempaMartin @gdp1985
https://t.co/BPEEE2I19M

[Josh Lipsky @joshualipsky]

@gdp1985 @ChorzempaMartin And I agree the comparison with CIPS in the piece doesn't quite make sense. It's just interesting since we never get mBridge data points except once in a blue moon from PBOC.

[Josh Lipsky @joshualipsky]

@gdp1985 @ChorzempaMartin Yes but if FT is accurate they did 15 billion in volume in five months compared to 55 billion in previous four years.

[Josh Lipsky @joshualipsky]

Joined @NPR's @davidfolkenflik this morning to preview the G7 summit in France. Iran, AI, inflation, and yes, imbalances (wonky but critical), all on the agenda.

https://t.co/0dIxpzdBHQ

[Josh Lipsky @joshualipsky]

There’s a major event happening this weekend between heavyweights. I’m talking about the G7 summit, of course. Our team @ACGeoEcon has the 7 charts you need to get ready:

https://t.co/t0cxDRYfE8

[Josh Lipsky @joshualipsky]

@GitaGopinath @Brad_Setser Gita, Brad, if you’ll both be there how about doing this at the IMF meetings in October?

[Josh Lipsky @joshualipsky]

Excellent piece from @Brad_Setser and Shahin Vallee on currency and trade. October marks 10 years of RMB inclusion in SDR basket, making it the perfect time for a serious reckoning with the issues they call out clearly here. (Next formal review is 2027).

https://t.co/GGHV9K18tH

[Josh Lipsky @joshualipsky]

In a new op-ed for the @FT I argue that one of the toughest challenges for Warsh will be how to handle the Fed's unofficial mandate - protector of global economic stability:

https://t.co/yf0AaPEO5r

[Atlantic Council GeoEconomics Center @ACGeoEcon]

The European Central Bank @ecb cited our research on Project mBridge and the e-CNY in their annual report on the international role of the euro.

Read the full report here🔗 https://t.co/CSmYFP2DWq

[Josh Lipsky @joshualipsky]

@ericadyork Like we never left 2025

[Josh Lipsky @joshualipsky]

Our team is working to model potential revenue from the new 301s. Bottom line - no one should be surprised. They said they were going to rebuild the tariff wall and they meant it. Revenue is needed, bond markets have made that clear.

[Atlantic Council GeoEconomics Center @ACGeoEcon]

📊 In new analysis, assistant director of trade Madeline Chalecki breaks down how the proposed rates fit into the broader tariff landscape, estimates potential tariff collections, examines the strategic logic behind the administration's approach, and explores which countries and sectors stand to gain—or lose—the most. ➡️https://t.co/qyJNUhQBLv

[Josh Lipsky @joshualipsky]

@petereharrell Exactly - those complaints are often also directed toward European payment systems including digital euro so I was wondering if this is a template

[Josh Lipsky @joshualipsky]

Among the many things in USTR's Brazil 301 investigation one of the most novel are US complaints about Pix - Brazil's payment system. Featured over 20 times the report claims that it "unfairly disadvantaged U.S. companies" - Europe beware...

cc @petereharrell

[Josh Lipsky @joshualipsky]

Given Pulte was the force behind the Lisa Cook attempted firing not sure this is going to encourage Powell to leave the Fed anytime soon.

[Shelby Talcott @ShelbyTalcott]

Trump taps Bill Pulte as Acting Director of National Intelligence — says he will also remain in his current roles as well (director of the Federal Housing Finance Agency and chairman of Fannie Mae/Freddie Mac)