[20150211]IN10230_瑞士国家银行最近的货币行动.pdf

CRS InsightsThe Swiss National Banks Recent Currency ActionsJames K. Jackson, Specialist in International Trade and Finance (jjacksoncrs.loc.gov, 7-7751)February 11, 2015 (IN10230)In what has been characterized as one of the most significant currency decisions in decades, onJanuary 15, 2015, the Swiss National Bank (SNB) removed without any public warning the cap it hadmaintained on the foreign exchange value of the Swiss franc relative to the euro. The move surprisedinternational currency traders, who acted swiftly by acquiring francs, sharply increasing the value of thefranc against the dollar and the euro, as indicated in Figure 1.Figure 1. Exchange Rates of Selected Currency PairsSource: Developed by CRS from data published by the FederalReserve.Following the announcement, the Swiss stock market dropped by more than 13% and the franc roseby more than 30% against the euro, before settling to a one day appreciation of about 15%. The SNBalso set the official interest rate at negative 0.75% to discourage capital inflows and relieve pressureon the franc. By January 16, 2015, the Swiss franc had increased in value from 1.2 francs per euro topar value (one Swiss franc per one euro), b