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The risks of a global financial schism are mounting

Precedent set by Russian sanctions dramatically increases geopolitical instability

| China
Geopolitics will, at some stage, force banks to choose between the dollar framework and a rival yuan system.   © AP

William Bratton is the author of "China's Rise, Asia's Decline." He was previously head of equity research, Asia-Pacific, at HSBC.

The unprecedented ferocity of sanctions against Russia is frequently seen as demonstrating the West's continued financial power.

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