January 14, 2020 / 3:17 PM / 7 months ago

Swiss National Bank says interventions not aimed at trading advantage

FILE PHOTO: A Swiss National Bank logo is pictured on the SNB building in Bern, Switzerland September 3, 2019. REUTERS/Arnd Wiegmann/File Photo

ZURICH (Reuters) - The Swiss National Bank’s currency interventions are not intended to give Switzerland a trading advantage by weakening the Swiss franc, the central bank said on Tuesday, after the country appeared on a U.S. watch list of currency manipulators.

“The SNB’s interventions in the currency market are motivated purely by monetary policy considerations,” the SNB said in a statement, citing the negative effects on inflation and the economy from a too highly valued franc.

“They are not aimed at bringing an advantage for Switzerland by making the franc undervalued,” the SNB added.

The Swiss franc EURCHF= CHF= leapt to its strongest level since April 2017 after Switzerland was added on the semi-annual list which the U.S. says is intended to dismantle unfair barriers to trade.

Reporting by John Revill; Editing by Michael Shields

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