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Swiss forex reserves hit record in July as franc weakens
The Swiss National Bank's foreign exchange reserves rose in July, data showed on Friday, as the franc weakened against the euro and the dollar. The SNB held 531.820 billion Swiss francs ($542.01 billion) in foreign currency at the end of the month, compared with 516.037 billion francs in June, revised from an originally reported 516.240 billion, preliminary data calculated according to the standards of the International Monetary Fund showed. Reserves in July were the highest on record for the SNB since it switched to the IMF standard. The figures show the central bank's currency holdings after it shocked financial ... (full story)