The Swiss National Bank sparked talk of a global currency war yesterday when it intervened to weaken the Swiss franc, the first time a big central bank has intervened in the foreign exchange markets since Japan sought to weaken the yen in 2004.
The Swiss franc's haven status has been heightened by market turmoil, pushing it close to a record high of about SFr1.43 to the euro in the past few weeks.
But it fell to its lowest level this year yesterday after the SNB said the currency's strength represented an “inappropriate tightening of monetary conditions” as it battled against a slowdown in the Swiss economy.
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