SNB to open Singapore branch to support FX activity
The Swiss National Bank (SNB) is to open a branch in Singapore to more effectively manage its assets in the Asia-Pacific region, the central bank announced on December 18.
The new office, which is scheduled to open in mid-2013 with seven staff members, comes as the SNB continues to defend a floor of 1.20 on EUR/CHF – a policy measure it introduced in September 2011 to stem the dramatic appreciation of the Swiss franc, requiring the central bank to buy large quantities of foreign currency.
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