Tag Archives: Swiss National Bank

We regularly publish the SNB asset structure by currency, rating & duration. They shall be a template for the tactical asset allocation along these dimensions for other conservative asset managers - CHF holdings certainly excluded because the SNB nearly exclusively buys foreign assets.

We show the two phases or "two innings" of Swiss franc appreciation: The risk aversion game and the inflation game. With the weakening of emerging markets and the strengthening of the United States in 2013/2014, the Swiss National Bank (SNB) had won the first battle in the war against financial market, the "risk aversion game", the first inning in two-part match. Risk aversion is lower because the United States recovered with weaker oil prices. The "inflation game" started earlier than we...

Money creation and sight deposits may have two points of view: 1. The central bank creates money - i.e. the SNB decides to increase sight deposits when it does currency interventions 2. Commercial banks create money - inflows in CHF on Swiss bank accounts make those banks increase their "sight deposits at the SNB. If inflows in CHF are higher than outflows then CHF must rise, unless the central bank does currency interventions. We will present both alternatives.

This IMF data on the SNB website shows SNB Forex and gold reserves in the last month. It is so-called "IMF Special Data Dissemination Standard (SNB Data)"