Switzerland takes further action to weaken the franc

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The Swiss National Bank (SNB) said on Wednesday it would "significantly" increase the supply of liquidity to the Swiss franc money market and planned to conduct foreign exchange swap transactions.

"The substantial rise in risk aversion on the international financial markets has further intensified the overvaluation of the Swiss franc in the last few days," the SNB said. "In light of these developments, the Swiss National Bank is taking additional measures against the strength of the Swiss franc"

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