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Bank – Citibank SingaporeBanking sectorThe global financial system is the worldwide framework of legal agreements, institutions, and both formal and informal economic actors that together facilitate international flows of financial capital for purposes of investment and trade financing. The system has evolved substantially since its emergence in the late 19th century during the first modern wave of economic globalization, marked by the establishment of central banks, multilateral treaties, and intergovernmental organizations aimed at improving the transparency, regulation, and effectiveness of international markets. From the late 1800s to early 1900s, weak passport requirements and innovations in transportation such as steamships and railway growth accelerated world migration, while enhancements in communication technology accelerated the sharing of information. These developments facilitated unprecedented growth in international trade and investment which drove early financial globalization. As the United Kingdom entered World War I in August 1914, the foreign exchange markets became stressed as the money market in London tightened. As investors met increasing difficulty in their remittances to London, the pound remained illiquid and the markets grew paralyzed. Political pressure following stock market turmoil in 1929 prompted the United States to enact protective tariffs on agricultural and manufacturing imports. This spurred