The Swiss National Bank has cut its exposure to the currency market following an intervention campaign that pushed its foreign exchange reserves up to record levels, the FT says. Figures from the SNB showed its currency reserves fell by SFr6.3bn to SFr225.8bn in June. FT Alphaville notes the drop could be explained by a shift into gold, with the central bank’s bullion holdings rising by SFr5.9bn in June.
