As backdrop, there are two important transitions underway in the two largest economies. One is the realignment of fiscal, monetary and trade policies in the US, which has already imparted considerable financial volatility in the global economy in the last two months. Even NAFTA is not sacrosanct, US trade partners, especially emerging markets, stand forewarned.
And all this is even before the new US administration takes office later this month. The other transition, of course, is the rebalancing of China’s growth drivers from investment and exports to domestic consumption of goods & services. One of these transitions is welcome, the other not so. 1/3  BIS central bankers' speeches  8.