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"The Swiss central bank imposed a ceiling on the franc for the first time in more than three decades."

Bloomberg, Klaus Wille

The Swiss central bank imposed a ceiling on the franc for the first time in more than three decades and pledged to defend the target with the "utmost determination," prompting a record drop in the currency.

The Swiss National Bank is "aiming for a substantial and sustained weakening of the franc," the Zurich-based bank said in an e-mailed statement. "With immediate effect, it will no longer tolerate a euro-franc exchange rate below the minimum rate of 1.20 francs" and "is prepared to buy foreign currency in unlimited quantities". . .View full article

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