Switzerland to intervene to halt franc's gain

The Swiss National Bank pledged to curb the appreciation of the Swiss franc against the euro on Thursday and said that there was a risk of deflation over the next three years.

The central bank also lowered its target range for the three-month London Interbank Offered Rate (Libor) for Swiss-franc loans by 25 basis points to 0-0.75%, saying that it would "use all means at its disposal to gradually bring the Libor down to the lower end of the new target range" to about 0.25%.

"With these excepti