Switzerland is a notable absentee in US' FX monitoring list released earlier
With all the focus being on China (and somewhat on Japan), the absence of Switzerland in the US Treasury's FX monitoring list has been flying under the radar for the most part. For some context, Switzerland has been on the list since October 2016 i.e. past five consecutive reports - the list was only introduced in the report before that, on April 2016.
This was the US Treasury's recommendation back in October last year on Switzerland:
To help narrow the large and persistent trade and current account surpluses, Switzerland should adjust macroeconomic policies to more forcefully support domestic economic activity. Treasury also urges the Swiss authorities to enhance the transparency of exchange rate intervention.
I don't see how things are any different now but perhaps with the SNB having such a bloated balance sheet and so far refraining from entering the market, it has been given some leeway... for now at least.
