The president of the Swiss National Bank gave notice yesterday of renewed intervention in the foreign exchange markets if the Swiss franc started to rise too high against the euro.
Jean-Pierre Roth said the SNB would act again to prevent the risk of deflation. “We have clearly shown what our commitment is and the market has reacted accordingly. We have a clear strategy . . . if the market comes back to the situation presented,” he said.
Mr Roth rejected analysts' comments that the SNB had ushered in “beggar-thy- neighbour” policies.
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