Switzerland, US Agree to Fair Currency Practices
Switzerland and the US have signed a joint statement, reaffirming their commitment to responsible currency practices and agreeing not to use exchange rates for unfair advantages. The Swiss National Bank (SNB) has confirmed currency market intervention as a crucial tool.
The statement, while not legally binding, has no immediate impact on US currency manipulation reports. It comes as the Swiss franc has appreciated against the dollar, largely due to its safe haven status. The SNB is currently refraining from currency market interventions to avoid potential US accusations of currency manipulation.
Both nations have agreed not to use exchange rates to hinder balance of payments adjustments. They have also reaffirmed their commitment to IMF principles on currency practices. A spokesperson from the Federal Office for International Economic Affairs commented on the development to Keystone-SDA on Monday.
The joint statement is a step towards maintaining fair and stable currency practices between Switzerland and the US. While it has no immediate legal effect, it signals a shared commitment to responsible economic policies.
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