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U.S. currency manipulator tag for Switzerland unlikely to deter FX approach
By Saikat Chatterjee, John Revill, and David Lawder
Reuters
Wednesday, December 16, 2020
Being named a currency manipulator by the U.S. Treasury may be an embarrassment for Switzerland, but the tag will likely have little effect on the Swiss National Bank’s monetary policy.
The U.S. Treasury today labeled Switzerland and Vietnam as currency manipulators, saying they had both intervened heavily in currency markets with at least part of Switzerland's action aimed at pushing down the Swiss franc to prevent effective balance-of-payments adjustments.
... Dispatch continues below ...
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There would be no automatic punishment with a label, though U.S. law requires Washington to demand negotiations with designated countries.
“The subtle implication of being put on this list is that you eventually could come under sanctions, and that puts pressure on these countries not to weaken their currencies so much,” said Win Thin, global head of currency strategy at BBH, ahead of the report.
But he said that in Switzerland’s case, as the exchange rate is its main tool for fighting deflation, "they may say, 'Well, tough.'" ...
... For the remainder of the report:
https://www.reuters.com/article/us-usa-markets-fed-analysis/analysis-u-s...
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