Monetary policy setting in the world’s two largest economies – the US and China – will be spearheaded by new leaders in the coming months. This development comes at an important moment in geopolitical relations, with the US seeking to reassert itself and China playing a more active role internationally.

The swearing-in of Jay Powell, who replaced Janet Yellen as chair of the US Federal Reserve Board, in February coincided with a sharp uptick in volatility in global bond, equity and foreign