The Swiss franc is the legal tender of Switzerland and Liechtenstein and is issued by the Swiss Central Bank. Swiss franc is hard currency. Most of Switzerland's neighbors use the euro. Switzerland also has shops and institutions that use the euro. From 20 15 0 1.06 5438+05, the Swiss franc was decoupled from the euro. 200, 50, 20 and 10 Swiss francs have been issued. Currency code: Swiss franc.

According to 1 the Coinage Law, which came into effect on May 7, 850, Switzerland implements the silver standard. The currency name is defined as franc, which belongs to the unlimited legal compensation currency. It is determined that1franc = 100 centimetre (centimetre or German Lappen) is equivalent to French franc. Previously, only French gold coins were allowed to circulate around 1860.

1865, 1865 On February 23, 1965, Switzerland, France, Belgium and Italy formed the Latin Monetary Union, which stipulated that gold and silver coins could circulate freely in all member countries, all of which had the nature of unlimited legal compensation, and there was a fixed official exchange rate among the currencies of all member countries.

Therefore, several currencies are circulating in Switzerland at the same time. 1925 when the alliance was dissolved, the Swiss government banned the circulation of foreign coins, and the Swiss franc became the only currency in circulation in China.

When the Swiss franc was established as the national currency, although the Federation was the sole issuer of the franc, private banks were allowed to issue their own banknotes before 19 10. The Swiss National Bank was founded in 1907 and has been the sole issuer of banknotes and coins since 19 10.

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Since March 20 10, the Swiss national bank has taken many measures to alleviate the upward trend of the Swiss franc, but the results have been minimal. Since 2065438+01July, the Swiss franc has hit record highs against the euro and the US dollar. On August 3, the Swiss National Bank announced that it would take urgent measures to intervene in the Swiss franc's rally by cutting interest rates. The market did not respond immediately, and the Swiss National Bank immediately announced on 10 to expand the scope of liquidity operation.

Influenced by the speculation that the Swiss central bank will take more radical measures to curb the appreciation of the local currency, the exchange rate of the Swiss franc against the euro and the US dollar once fell, and the decline against the euro even reached the highest level since the establishment of the 1999 euro zone.

On June 5438+07, the much-anticipated Swiss cabinet meeting issued an action plan to deal with the rapid appreciation of the Swiss franc, and decided to reduce the burden on enterprises through subsidies, tax cuts and other measures, enhance their market competitiveness and anti-risk ability, and tide over the difficulties. Due to the lack of expected drastic measures in this plan, the Swiss franc immediately rebounded and resumed its upward trend.

Although the Swiss national bank's previous intervention slowed down the Swiss franc's rise to some extent, it is hard to say whether it can reverse the Swiss franc's rise under the premise of the slow recovery of the world economy. Unless the international financial market returns to a stable state, investors will still hold Swiss francs even in the case of negative interest rates.

In addition, with the expected warming of the new quantitative easing measures adopted by the Federal Reserve, the depreciation trend of the US dollar is obvious, which will also weaken the effect of the Swiss National Bank's intervention in the appreciation of the Swiss franc. Of course, in the long run, in order to depress the Swiss franc exchange rate, the Swiss National Bank may directly intervene in the market and sell the Swiss franc. The last resort may be to introduce a minimum exchange rate regulation or peg the Swiss franc to the euro, and do everything possible to pave the way for foreign exchange intervention.

The globalized market has created globalized economy and finance. Switzerland has always refused to join the euro zone, which has long been synonymous with stability and reliability, but now it is also trapped in the slowdown of world economic growth, and it is difficult to restrain it from falling together. From the global market, the game around the Swiss franc exchange rate is not over yet.

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