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A bit of deft trading allowed the SNB in Q3 to cut its euro holdings to 48% of reserves from...

A bit of deft trading allowed the SNB in Q3 to cut its euro holdings to 48% of reserves from 60%, all without shredding the value of the common currency. The bank - in order to defend the CHF 1.20 floor - has spent the last year accumulating euros at a furious pace, putting itself at risk should the markets attack. Increased during Q3 were its holdings of greenbacks, pounds, yen, and loonies.
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