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"It
should be stressed that Switzerland does not in any way engage
in manipulation of its currency to prevent adjustments to the
balance of payments or gain unjustified competitive advantage,"
the Swiss finance ministry said in a statement.
Switzerland's inclusion in the U.S. Treasury's list, alongside
countries including Germany, South Korea and Japan, would have
no immediate consequences, the statement added.
The Swiss franc 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.
"Since mid-2019, Switzerland’s foreign exchange purchases have
increased markedly as the Swiss franc has appreciated against
both the dollar <CHF=> and the euro <EURCHF=>," the U.S.
Treasury said in the report which covered the year to June 2019.
The United States also encouraged the Swiss authorities to
publish all intervention data more frequently.
The Swiss National Bank has bought massive amounts of foreign
currencies in recent years to dampen demand for the Swiss franc,
whose safe-haven status attracts investors during times of
uncertainty.
The central bank has also imposed the world's lowest interest
rates to deter investors from buying the franc, a policy facing
increasing domestic opposition after being held in place for the
past five years.
The SNB, which declined to comment on Tuesday, has always
stressed that its policy objective has been to ensure price
stability in Switzerland while taking due account of economic
developments.
(Reporting by John Revill; Editing by Michael Shields)
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