Americans Lindy Duncan and Sarah Schmelzel, Japan’s Mao Saigo and South Korea’s Hyo Joo Kim are a shot behind Liu.
South Korea’s Haeran Ryu shared the overnight lead with Liu but made a 74 to slip back joint-sixth on five under for the tournament.
China’s Weiwei Zhang was also on five under after 15 holes of her second round when play was suspended because of bad light.
American Lexi Thompson, who has retired from full-time golf but continues to play certain events, is in contention at four under.
Liu, who is chasing a first major and first LPGA Tour win, said she will feel the pressure this weekend.
“Definitely I will feel a little bit, because this this is a major,” she said.
“I know the course going to be harder, so I think should just stay patient, calm, because I’m a very emotional person.”
Hall had an eventful round featuring three bogeys, one double bogey and four birdies to ultimately stay in striking distance of the lead.
However, compatriots Lottie Woad and Charley Hull slipped back to four over, with Scotland’s Gemma Dryburgh a shot ahead.
All three will miss the cut, which is projected to be at two over, with nine players yet to finish their second round.
Korda’s 68, which included six birdies and two bogeys, has therefore moved her inside the cut line and gives the world number one an outside chance of mounting a remarkable comeback over the weekend.
Three-time major winner Lydia Ko is also at one over.
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