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Maybe the SNB is the Only Real Buyer of the Euro
Data from the Swiss National Bank today confirms what the market has suspected. It intervened in size to defend its cap against the euro last month. The details are not yet available, but on an IMF reporting basis, the SNB said that its reserves rose to CHF495.1 bln (~$490.2 bln) from CHF462.7 bln in November. There are two components to the CHF32.4 bln increase in Swiss reserves, which represents a 7% increase from the November. The first is a change in valuation caused simply by the change in exchange rates. It is difficult to determine precisely how much of the change in the value of the holdings was a result of ... (full story)
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