In this episode, we speak with David Lubin, Michael Klein Senior Research Fellow at Chatham House, about how China manages capital flows, why it maintains capital controls, and what the consequences of a liberalization of China’s capital markets would be. We look at China’s current account surplus, the challenges of RMB internationalization, and the lessons we can draw from history—including the recycling of petrodollars and the developing-country debt crises of the 1980s and 1990s—to better understand today’s global challenges.