SNB still ready to depreciate franc despite US condemnation

Swiss National Bank

The Swiss National Bank has said it was still willing to depreciate the franc on December 17, despite the US Treasury labelling Switzerland a currency manipulator.

In its policy statement, the SNB said it could even “intervene more strongly in the foreign exchange market”. Its statement came the day after US Treasury secretary Steven Mnuchin condemned Switzerland’s foreign exchange market interventions and current account surplus with the US.

Switzerland receives large volumes of capital

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