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Engaging in more bilateral trade to bypass the dollar fragments the activities of major international banks and even affects locak players.

New yorkUnited statesUnited kingdomClaudia buchDeutsche bundesbankVan horenLinda goldbergInternational banking research networkFinancial research advisor federal reserve bankBank lending activityVice president deutsche bundesbankSenior vice presidentEconomist deutscheFragmentation spills overBank lendingBanks are more prone