The Swiss National Bank’s announcement on March 12 that it was taking drastic steps to breath life into its economy ostensibly signalled a new era of exchange rate management by one of the main central banks. Most market participants had expected the SNB to cut its key interest rates to virtually zero, add extra liquidity through additional repo operations and even possibly introduce quantitative easing. But few, if any, had predicted that the central bank would intervene in the foreign exchange market and actively seek to weaken the Swiss franc.
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