The Swiss national bank lifted the exchange rate floor, and the Swiss franc soared by nearly 20% across the board.

The Swiss National Bank said that it is no longer reasonable to set a ceiling on the exchange rate of the Swiss franc and will remain actively involved in the foreign exchange market if necessary. The Swiss franc exchange rate is still high, but since the introduction of the maximum exchange rate limit, the degree of overvaluation has declined. The Swiss National Bank previously set the exchange rate ceiling of the Swiss franc against the euro at 1.20.

The Swiss national bank lifted the exchange rate floor and the foreign exchange market went crazy again. The Swiss franc soared by nearly 20% across the board, ending the calm situation in the Swiss foreign exchange market that lasted for more than three years. Since September 20 1 1, the Swiss National Bank has been intervening in the market to prevent the Swiss franc from appreciating excessively, and has bought billions of euros to prevent the euro from falling below 1.20 Swiss francs.