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What is happening in financial markets and could there be a global crisis?

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The global banking system is reeling from a series of shocks over the past week, sparked by the collapse of California’s Silicon Valley Bank.

That has stoked fears that this is the start of another banking crisis, posing big questions for central banks as they try to fight inflation while ensuring financial stability.Severe stresses in the global financial system have become apparent in the past week.

In the US, Silicon Valley Bank’s (SVB) collapse last Friday was the first domino to fall, followed by New York’s Signature Bank on Sunday.

Wall Street’s biggest lenders clubbing together to rescue First Republic Bank after its shares crashed, pumping $30bn (£25bn) into it.

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