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Swiss Franc continues to gain

08-18-2011 14:03 BJT

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The Swiss franc strengthened after the country's central bank stopped short of announcing a target rate or temporary peg to the euro, in its third attempt in as many weeks to weaken the currency.

The Swiss National Bank will boost liquidity to the money market, expanding banks' sight deposits to 200 billion francs, from 120 billion francs. The bank will also continue to buy SNB bills and use foreign-exchange swap transactions.

The franc gained after the actions fell short of speculation that the central bank would announce a target rate or temporary peg to the euro.

The currency appreciation has a direct impact on consumers. But the government says it will make efforts to improve the situation.

Johann Schneider, Swiss Economics Minister said, "From my side, I said it very clearly that I want the import advantage to also profit the consumers, in a better way than it has done up to now."

Editor:Li Wanran |Source: CNTV.CN

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