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  • China, South Korea, Germany, Malaysia, Singapore, Switzerland and Taiwan remain on the list
  • Japan was removed from the list
  • Switzerland exceeded only one of the three thresholds in the four quarters to December 2022
  • He reiterates the call for more FX transparency from China
  • A number of countries have moved into positions to sell foreign reserves to limit downside to a strong dollar in 2022
  • It does not believe that China has intervened extensively to exceed the threshold of net forex purchases

This message is a charade. If Switzerland hasn’t been nailed for years of open manipulation, no one will be.

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