Swiss Franc News

The Swiss central bank sought on Monday to allay fears among citizens that bank notes could eventually be phased out as a result of global money-laundering rules or the rise of alternative payment systems.

Swiss voters rejected by a wide margin on Sunday a proposal to introduce a guaranteed basic income for everyone living in the wealthy country after an uneasy debate about the future of work at a time of increasing automation.

The move will lower trading costs for China and Switzerland.

Switzerland`s central bank was forced Monday to intervene "in order to stabilise the markets," which have tumbled over Greece`s escalating crisis, the bank`s chief Thomas Jordan said.

Switzerland may tighten its anti-money laundering laws after a report by a government-appointed group found the country was still subject to financial crime.

Shares rose and the safe-haven Swiss franc fell against the euro on Monday after Greece reached a conditional deal with its international partners to avert an immediate financial crisis.

Stock markets around the world mostly rose on Thursday as crude oil rebounded, although caution remained following the European Central Bank`s surprise decision to strike Greek bonds off its list of accepted collateral.

As the rich and powerful from across the world began descending on this Alpine resort town today, they are finding everything costlier -- thanks to an unprecedented rally in local currency Swiss franc's valuation.

The surprise surge in the Swiss franc left currency brokers and banks worldwide licking their wounds on Friday, with at least two brokers declaring insolvency and others warning of heavy losses.

MSCI`s broadest index of Asia-Pacific shares outside Japan edged down about 0.1 percent in early trade.

The euro sank almost two percent against the Swiss franc on Friday and Asian markets tumbled as traders were left stunned by Switzerland`s shock decision to remove its currency peg to the euro.

The SNB had been defending the exchange rate floor since September 2011.

The Swiss National Bank (SNB) maintained its target range for the franc`s three-month London interbank offered rate, known as the Libor rate, at between 0.0 and 0.25 percent.