Group 1 - The Swiss National Bank (SNB) reported that as of June 2025, Switzerland's foreign exchange reserves exceeded $1 trillion, with the dollar accounting for 37% and the euro for 39% [1][2] - The SNB's asset allocation changes are closely monitored by the market, especially given the recent 11% decline in the US dollar index from its peak [1] - The SNB's Vice President Antoine Martin stated that to diversify investments, a significant portion of dollar assets must be allocated to euros [3] Group 2 - The SNB holds approximately 1,040 tons of gold, ranking seventh globally, and sees no need to increase or decrease its gold holdings [3] - The Swiss economy faces challenges from a 39% tariff imposed by the US, the highest among developed economies, yet the SNB is reluctant to lower interest rates [3] - The Swiss franc has appreciated over 12% against the US dollar this year, presenting new challenges for Swiss exports [3] Group 3 - The European Central Bank (ECB) reported a 2 percentage point decline in the dollar's share of global foreign exchange reserves in 2024, while the euro's share increased slightly [4] - The dollar's market share in global foreign exchange reserves is projected to be 46% by the end of 2024, down 10 percentage points over the past decade [4] - Concerns over US fiscal credibility have risen, highlighted by Moody's downgrade of the US sovereign credit rating [4]