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The role of a correspondent bank is primarily to provide services such as check clearing and wire transfers to other banks. This function is crucial in the global banking system as it enables banks in different countries to transact with each other, facilitating international trade and finance. By acting as an intermediary, correspondent banks can help smaller financial institutions access services that they may not have the infrastructure to offer on their own. This arrangement allows for efficient processing of cross-border transactions and effectively bridges the gaps in banking networks worldwide.

In contrast, issuing currency for various nations is typically the responsibility of central banks and not correspondents. Serving exclusively as a deposit bank for businesses is a more narrow scope of banking which doesn't align with the broader facilitating role of correspondent banks. Lastly, while managing risk is an important aspect of banking operations, it is not the primary function of a correspondent bank; this role is better associated with other banking entities that focus on risk management and compliance within their own operations.