On a night for speed, former double Olympic sprint champion Marion Jones produced her second sub-11 seconds 100 metres in three days with a comfortable victory in 10.94.
Jones, who came under scrutiny in connection with the BALCO doping scandal even though she has never failed a drugs test, ran 10.92 for victory in Saturday's Paris Golden League meeting.
With the season's fastest woman, Jamaican Sherone Simpson, not competing in Lausanne due to a hamstring injury, Jones finished 0.09 seconds clear of fellow American Me'Lisa Barber. Torri Edwards and world champion Lauryn Williams completed a top four finish for the U.S.
An exuberant Liu completed an lap of honour in just his running shorts as his world record time was officially confirmed.
China's first male Olympic track gold medallist ran a phenomenal race and knocked 0.03 seconds off the previous record he shared with Britain's Colin Jackson.
"I'm feeling very tired, very happy and very excited.," a beaming Liu told reporters.
"Switzerland is my lucky place and I love the fans here," he said in reference to his first win at a grand prix meeting in 2002.
American world champion Michelle Perry set the leading time in the world this year for the 100
Perry stayed on her feet to finish in 12.43.
"I felt really good," Perry told Reuters, "I was starting to run up on the hurdles a lot near the end and it all got a bit out of control.
"I've been working on my technique a lot though and my main focus is already on the world championships and Olympics in the next two years."
Kenya's Janeth Jepkosgei held off a spirited challenge from three-times world champion Maria Mutola to win the 800 in one minute 56.66 seconds -- the leading time in the world this year. Mozambique's Mutola, 33, was second in 1:56.77.
Leonard Scott led from the front to win a men's 100, missing world and Olympic champion Justin Gatlin, in 10.05.
Gatlin, who shares the world record with Jamaica's Asafa Powell pulled out of the race earlier in the week because of a knee injury.