Tong (Cindy) Li
Adjunct Fellow; Country Manager, Federal Reserve Bank of San Francisco
Asia, Banking, Capital Markets, China, Finance, Global Economy


Dr. Cindy Li is a country manager and analyst in the Country Analysis Unit of the Federal Reserve Bank of San Francisco. In that capacity, she conducts research of Asian financial sectors and produces analyses of Asian foreign banking organizations. In addition, she monitors banking, regulatory and economic developments in Asia with special focus on China and Hong Kong.

Prior to joining the Federal Reserve Bank of San Francisco, she was a senior economist at the Milken Institute, where she led numerous research projects on global capital market trends, financial regulations and the Chinese economy. Her research has been published in peer-reviewed journals and presented at major academic and regulator conferences. She is a co-author of "The Rise and Fall of the U.S. Mortgage and Credit Markets: A Comprehensive Analysis of the Meltdown" (John Wiley & Sons, 2009).

Li received her Ph.D. in economics from the University of California, Riverside, with research focused on informal finance and economic development. She holds a bachelor's degree in international finance from Peking University in China.

Related Publications
Capital Flows Thumbnail
Date: September 2016
Jakob Wilhelmus, Perry Wong, Keith Savard and Cindy Li
Date: September 2013
James R. Barth, Chris Brummer, Tong Li, and Daniel E. Nolle
Date: May 2013
Perry Wong, Tong (Cindy) Li and Song-yi Kim
Date: December 2012
James R. Barth, Tong Li, and Michael Lea
Date: December 2012
Tong Li
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