Criteria met: USA classifies Switzerland as a currency manipulator – Swiss central bank defends itself against accusation | message

Switzerland fulfills all three criteria that justify this, according to a report published by the US Treasury Department on Wednesday. The US also sees Vietnam as a currency manipulator. There are also ten countries on a “watch list” whose currency practices require close monitoring. In addition to Germany, this also includes Italy, China, Japan, Korea, Singapore, Malaysia, Taiwan, Thailand and India.

Swiss central bank – Switzerland is not a currency manipulator

The Swiss central bank defends itself against the accusation of the USA to operate currency manipulation.

The interventions of the Swiss National Bank (SNB) on the foreign exchange market did not serve the purpose of preventing balance of payments adjustments or to gain unfair competitive advantages for the Swiss economy, the central bank said in a statement on Wednesday. Foreign exchange market interventions are necessary in the context of monetary policy in order to guarantee appropriate monetary framework conditions and thus price stability. In terms of monetary policy, the classification by the US Treasury Department does not change anything. In view of the economic situation and the continued high valuation of the Swiss franc, the SNB is still ready to intervene more strongly in the foreign exchange market.

Washington / Zurich (Reuters)

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