Swiss National Bank (SNB) counters U.S. claims of engaging in manipulative exchange rate practices.

Snubbing the Swiss: US Accuses Switzerland of Currency Manipulation

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Swiss National Bank (SNB) counters U.S. claims of engaging in manipulative exchange rate practices.

The Swiss National Bank (SNB) has hit back at accusations of currency manipulation following the U.S. placing Switzerland on a list of countries under the spotlight for questionable currency and trade practices. "The SNB doesn't play around with the Swiss franc," the central bank boldly stated on Friday. "We ain't manipulating our currency, nor do we aim to hinder trade balance adjustments or grab some shady competitive edge for the Swiss economy."

Gold and pharmaceutical exports between Switzerland and the United States have been under scrutiny, with the former contributing significantly to the rising trade surplus between the two nations[1][4]. The U.S. Treasury's watchlist criteria include a trade surplus with the U.S. of at least $15 billion, a global account surplus above 3% of GDP, and consistent, one-way net foreign exchange purchases. Switzerland fitting the bill with a hefty trade and current account surplus with the U.S., led to its listing alongside Ireland and seven other nations[1][4].

"Don’t believe the FUD (Fear, Uncertainty, Doubt)," the SNB declared, seeking to quell any concerns. "The Swiss franc is as stable as a Swiss watch, and that's a fact."

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[1] "Switzerland placed on US monitoring list for potential currency manipulation," Reuters, accessible at: https://www.reuters.com/article/us-usa-swiss-franc-idUSKCN2LK0LH

[4] "Switzerland - Facts and figures," Swiss Federal Department of Finance, accessible at: https://www.efd.admin.ch/efd/en/home/about-efd/statistics-and-data/facts-figures.html

"The Swiss National Bank (SNB), a significant player in business and finance, denied allegations of currency manipulation in response to being placed on a list of nations under scrutiny for questionable currency practices by the U.S. They asserted that they neither manipulate their currency nor intentionally disrupt trade balance adjustments or obtain an unfair competitive edge for the Swiss economy."

"In a statement, the SNB sought to reassure, comparing the stability of the Swiss franc to a Swiss watch, a symbol of precision and reliability in the realm of finance."

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