In response to the US Treasury report that named Switzerland a currency manipulator, the Swiss National Bank (SNB) said Switzerland is not involved in any form of currency manipulation, as Reuters reported.
Featured statements
“SNB interventions in the foreign exchange market do not serve to prevent balance of payments adjustments or to obtain unfair competitive advantages for the Swiss economy.”
“Interventions in the foreign exchange market are necessary for the Swiss monetary policy to guarantee adequate monetary conditions and therefore price stability.”
“SNB’s Monetary Policy Approach Remains Unchanged by US Treasury Report.”
“In light of the economic situation and the fact that the Swiss franc is still highly valued, the SNB remains ready to intervene more strongly in the foreign exchange market.”
“Together with the Swiss authorities, the SNB is in contact with the US authorities to explain the economic situation and the monetary policy of Switzerland.”
Market reaction
The reaction of the pair USD/CHF to this development was largely silent. At time of writing, the pair is trading at 0.8845, shedding 0.12% on the day.
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