Swiss franc
Analysts see intervention challenge for central banks
Following the fallout of EU referendum result, central banks step in to stabilise currency movements; analysts expect volatility to continue, but see challenges to intervention
SNB paper challenges idea that capital flows drive Swiss franc value
Empirical study finds no strong relationship between capital flows and the level of the franc, meshing with earlier literature showing asset prices can move sharply without major portfolio shifts
Swiss franc still ‘significantly overvalued' – Jordan
Chairman of Swiss National Bank governing board says dual policy of negative rates and willingness to intervene in forex market are helping support the economy
Swiss National Bank bolsters security features of first banknote in new series
The new series printed on three-layered substrate boasts a range of new security features; Sfr50 enters circulation on April 12
Austria should ‘stand ready’ to tighten capital requirements, IMF staff say
The country has made ‘significant progress’ in restructuring the regulatory and supervisory framework, the report says, but the banking sector's resilience could be strengthened
SNB’s Zurbrügg lays out considerations around interventions
Vice-chairman of governing board says there is no ‘one-size-fits-all’ method for deciding when or how to intervene in the foreign exchange market
SNB’s Zurbrügg says negative rates painful but necessary
Vice-chair concerned by financial stability impact of negative interest rates, but says they make sense from a monetary policy perspective; talks with industry have been ‘very heated’
SNB reveals launch date for delayed banknote series
Roll-out of ninth banknote series to begin next year; new notes believed to include unique security features but central bank is being tight-lipped in the run up to the launch
SNB losses climb to $52bn after abandoning franc ceiling
Central bank suffers heavy losses on its holdings of foreign exchange, with overall losses for the year to date rising to Sfr50 billion
Swiss National Bank open to buying foreign assets
IMF article IV report suggests buying foreign assets to address deflationary pressures; Swiss National Bank says it is an option but wants to see how outlook develops before easing further
SNB posts record loss in first quarter
Reported total loss is around $32 billion after strong franc weighs on value of central bank's euro reserves
SNB’s Danthine: traders wrong to paint Swiss franc surge as black swan
It was 'absolutely certain' that SNB would end Swiss franc floor, says vice-chair of the governing board
SNB plans renminbi purchases in 2015
Central bank plans to add renminbi bonds to reserves after signing swap agreement with the People’s Bank of China in 2014; annual report reveals return of 8% across currency reserves
IMF tells SNB to consider asset purchases
In the face of slowing growth and deepening deflation the Swiss National Bank should ease monetary policy, which could be done via purchases of foreign currency assets, IMF says
SNB balance sheet could not have coped with peg defence, says Jordan
Chairman says decision to abandon Swiss franc ceiling avoided huge losses and monetary policy impairment; central bank slashes inflation forecast but does not follow Riksbank’s rate cut
VAR limits: dislocations put focus on other lines of defence
Dislocations in the Swiss franc and the US Treasury market have highlighted the limitations of standard regulatory capital models, but banks insist their other lines of defence are up to the task
Jordan laments ‘significantly overvalued’ franc
Some of the ‘overshooting’ that occurred in the wake of the SNB’s decision to withdraw its currency cap has been corrected, but Jordan argues the franc is still too strong
Croatian central bank calls for solution to Swiss franc mortgage quandary
Bank argues local households with liabilities denominated in the rising currency must receive help but suggests it is not the right to institution to tackle the issue
Danish central bank cuts rates for second time this week
National Bank of Denmark lowers deposit rate for second time in four days following ECB action; central bank will defend euro peg ‘vehemently', says analyst
Economists at SNB study reuse of collateral
Working paper estimates the level of reuse activity in the Swiss franc report market between 2006 and 2013, before analysing the drivers of it
SNB shocks markets by abandoning euro ceiling ahead of ECB showdown
Swiss franc sharply appreciates against the euro in the wake of the Swiss National Bank’s decision to scrap the minimum exchange rate; central bank does not rule out ad hoc interventions
SNB expects profit of $39 billion for 2014
Foreign currency positions responsible for most of the profit for Swiss National Bank, which increased its forex reserves by 7% in December following exchange rate pressure
External imbalances predict exchange rate returns, finds SNB paper
Deviations from trends in Swiss net foreign assets and net exports indicated how nominal exchange rate will move in the future, according to a Swiss National Bank working paper
Central Bank of Hungary digs into reserves to supply banks with foreign currency
Measure aims to cover balance sheet mismatch prompted by government plan to convert forex loans into local currency; central bank will allocate €3 billion for the purpose