Core Viewpoint - The central bank of Indonesia will continue to intervene in both offshore and onshore non-deliverable forward and spot foreign exchange markets to ensure that the Indonesian rupiah reflects its fundamentals [1] Group 1 - The Indonesian central bank is focused on maintaining the stability of the rupiah through market interventions [1] - The interventions will target both non-deliverable forwards and spot foreign exchange markets [1] - The aim is to ensure that the currency accurately reflects the underlying economic fundamentals [1]

Core Viewpoint - The Swiss National Bank (SNB) is prepared to intervene in the foreign exchange market to achieve its inflation targets, despite being recently placed on the U.S. currency manipulation watchlist [1] Group 1 - The SNB's readiness to intervene indicates a proactive approach to managing inflation [1] - The inclusion on the U.S. currency manipulation watchlist may influence the SNB's strategies and market perceptions [1]

Group 1 - The Swiss National Bank (SNB) has lowered the benchmark interest rate by 25 basis points to 0% in response to weak inflation, the appreciation of the Swiss franc, and uncertainties from U.S. trade policies, marking the sixth consecutive rate cut since March 2024 [1][4] - Switzerland's inflation rate fell to negative territory in May for the first time since 2021, with economists predicting an average inflation rate of only 0.3% in 2025 and 0.6% in 2026 [1][4] - The strong Swiss franc has been driven by increased safe-haven demand following U.S. tariffs announced in April, leading to an 8% appreciation against the U.S. dollar, which could negatively impact domestic inflation and exports [4][5] Group 2 - The SNB's decision to lower rates aims to prevent further appreciation of the Swiss franc, which could harm exporters and exacerbate low inflation [4][5] - The current benchmark rate of 0% returns to the level seen in September 2022, after the end of a seven-year negative interest rate policy, raising discussions about the potential reimplementation of negative rates [4][5] - The SNB is cautious about reintroducing negative rates due to the challenges they pose to various economic participants, including savers and pension funds, and is considering all options, including foreign exchange market interventions [5][6] Group 3 - The global economic outlook remains uncertain, with potential trade barriers that could further slow growth, although stronger fiscal policies may provide unexpected support [5] - The SNB is under pressure to balance its monetary policy without being labeled a currency manipulator, especially in light of past U.S. scrutiny [5][6] - Political considerations suggest that the SNB should remain cautious and avoid appearing eager to reintroduce negative rates, which could have broader implications for its economic strategy [6]

Core Viewpoint - The Swiss franc is perceived by investors as a safe-haven asset during crises, and the Swiss National Bank is prepared to intervene in the foreign exchange market if necessary [1] Group 1 - The Swiss National Bank Governor highlighted the role of the Swiss franc as a safe-haven asset amid ongoing crises [1] - The central bank is ready to take action in the foreign exchange market to stabilize the Swiss franc if required [1]

Group 1 - The Swiss National Bank (SNB) is responsible for Switzerland's monetary policy and does not set exchange rate targets [1] - Past interventions in the foreign exchange market were not aimed at providing unfair advantages to Swiss companies [1]

Core Insights - The Swiss National Bank is prepared to intervene in the foreign exchange market if necessary [1] - GDP growth is projected to be between 1% and 1.5% for both 2025 and 2026 [1] - The unemployment rate may continue to rise slightly [1]

Core Viewpoint - The Governor of the Central Bank of the Philippines stated that aggressive intervention in the foreign exchange market to maintain the exchange rate is futile, and interventions will only occur for normal liquidity reasons [1] Group 1 - The Central Bank of the Philippines emphasizes that it will not engage in heavy intervention to stabilize the currency [1] - The Governor indicated that if the currency continues to depreciate, more serious interventions may be necessary at some point [1]

Core Viewpoint - A survey of economists indicates that 80% expect the Swiss National Bank (SNB) to cut interest rates by 25 basis points in the upcoming policy meeting, returning the benchmark rate to zero, the same level as in September 2022 when the SNB ended a seven-year negative interest rate policy [1][3] Group 1: Interest Rate Expectations - Among 22 forecasters, only three predict a 50 basis point cut to -0.25%, while six others expect a reduction to -0.25% in September [1] - Most forecasters believe the SNB's easing cycle will conclude in June [1] Group 2: Inflation and Economic Conditions - The SNB may cite extremely weak consumer price growth as justification for a sixth consecutive rate cut, with the Swiss inflation rate falling to negative territory in May for the first time since 2021 [3] - Forecasts suggest an average inflation rate of only 0.3% in 2025 and 0.6% in 2026 [3] Group 3: Currency and Economic Impact - Following President Trump's announcement of significant tariffs in April, there has been a surge in safe-haven flows into the Swiss franc, which has appreciated over 8% against the US dollar [6] - The SNB is attempting to prevent further appreciation of the Swiss franc, as a stronger currency could lower domestic inflation and harm exports, negatively impacting economic growth [6][8] - SNB President Martin Schlegel indicated readiness to intervene in the foreign exchange market if necessary to maintain price stability, and he acknowledged the potential return to negative interest rates despite the challenges it poses to the financial system [6][8] Group 4: International Relations and Currency Manipulation Concerns - The strong Swiss franc has created a dilemma for the SNB, forcing policymakers to choose between negative interest rates and foreign exchange market intervention, which could provoke discontent from the US [8] - The US Treasury has placed Switzerland on its watchlist for currency policy, indicating ongoing scrutiny of the SNB's actions [8]

瑞士央行：在某些情况下，可能需要通过外汇市场干预来确保适当的货币政策环境。 ...

瑞士央行行长：瑞士央行的政策利率是主要工具，但我们也将考虑采取其他措施，例如外汇市场干预。 ...