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Switzerland's central bank hikes currency buying to tame franc

Aug 06, 2019 - City A.M.

THE SWISS National Bank (SNB) appeared to be buying foreign currency again last week as escalating trade tensions pushed the value of the safe-haven Swiss franc higher against the euro.

Sight deposits, a proxy for the central bank's currency interventions, rose by SFr1.6bn (£1.4bn) to SFr582.7bn last week, according to data published yesterday.

The increase, following a SFr1.7bn rise the week before, seemed to show the SNB had continued its foreign currency purchases to stabilise th...