62697
Switzerland Rejects US Claims
World Economy

Switzerland Rejects US Claims

Switzerland is not manipulating its currency, Jorg Gasser, the country’s state secretary for international financial matters, told CNBC’s “Street Signs” on Tuesday. That followed Switzerland being named last week as one of six countries on the “monitoring list” in the US Treasury’s semi-annual currency report on potential foreign-exchange manipulators. Switzerland met two of the three criteria to be named a manipulator, both in the most recent report and the previous one in October: It runs a material current account surplus and it engages in persistent, one-sided intervention in foreign exchange markets. It did not meet the third criterion of running a bilateral trade surplus with the US of at least $20 billion. The US Treasury estimated that Switzerland’s central bank purchased a net $66 billion of foreign exchange in euros in 2016, with $20 billion purchased in June after the UK referendum to exit the eurozone. Gasser added, “There are some good explanations for that. Switzerland is not manipulating its own currency. It’s simply that the Swiss franc is grossly overvalued.”

 

 

Short URL : https://goo.gl/Xbl5Sk
  1. https://goo.gl/ovNkog
  • https://goo.gl/sqNjVo
  • https://goo.gl/r2njD6
  • https://goo.gl/kcLoYI
  • https://goo.gl/2Lryzd

You can also read ...

While the tariff conflict may still be in its infancy,  global trade growth rate has almost halved.
The global economy will continue to expand strongly in the...
Imran Khan Says Economic Revival a Priority
Pakistan Prime Minister Imran Khan on Thursday said that the...
Poland to Maintain Solid Growth
Polish economy’s all significant macro fundamentals appear...
Zimbabwe is in arrears of nearly $1.8 billion  to the World Bank and ADB .
The International Monetary Fund Thursday said it was ready to...
King Khaled International Airport
Saudi Aramco may have grabbed the biggest headlines, but the...
Global Stocks Hit 6-Month High
World shares hit their highest levels in more than six months...
Wells Fargo Will Cut Workforce
Wells Fargo & Co said on Thursday it would reduce its...
Premier Li Keqiang has  voiced confidence in China’s ability to overcome obstacles.
Chinese officials are shrugging off warnings that the trade...

Add new comment

Read our comment policy before posting your viewpoints

Trending

Googleplus