ZURICH, Dec 3 (Reuters) – Switzerland “does not engage in any manipulation of the Swiss franc”, the federal government stated on Friday, after the nation featured within the newest U.S. Treasury report into the overseas change insurance policies of the United States’ buying and selling companions.
Switzerland met two of the factors and narrowly missed a 3rd set by the Treasury to be branded a currency manipulator and so prevented the label within the report printed on Friday.
But the findings meant Switzerland – together with 11 different international locations – warranted “close attention” to its currency practices. learn extra
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Washington would additionally proceed an in-depth evaluation of the Swiss scenario and focus on the actions of the Swiss National Bank (SNB) which has tried for years to stem the appreciation of the safe-haven Swiss franc.
“Switzerland does not engage in any manipulation of the Swiss franc,” the Swiss Finance Ministry stated after the Treasury report was printed. “It does not attempt to prevent balance of payments adjustments nor does it try to obtain unfair competitive advantages for the Swiss economy.”
Switzerland’s overseas currency purchases and its giant commerce surplus with the United States met the U.S. currency manipulation standards, however its present account surplus fell slightly below the edge required for the nation to be labeled a manipulator.
Vietnam and Taiwan met all three standards but in addition prevented the U.S. designation.
The Swiss franc continued to strengthen after the publication of the report, hitting 1.0373 in opposition to the euro, its strongest since June 2015.
The Swiss authorities stated the SNB’s currency interventions have been needed to make sure applicable financial situations and keep value stability.
“The SNB’s independence and room for maneuver to fulfill its mandate remains unchanged,” the Swiss finance ministry stated.
The central financial institution declined to remark how the report would have an effect on its coverage, however stated it will proceed to elucidate Switzerland’s financial scenario and financial coverage to the U.S. authorities.
Since abandoning its peg to the euro in 2015, the central financial institution has used overseas currency purchases and adverse rates of interest to rein within the franc, whose energy threatens Switzerland’s export-reliant financial system.
“Together with the Swiss authorities, the SNB remains in contact with the US authorities to explain Switzerland’s economic situation and monetary policy. We welcome these ongoing discussions,” the SNB stated.
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Reporting by John Revill
Editing by Tomasz Janowski
Our Standards: The Thomson Reuters Trust Principles.
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