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Thread: SNB Turns to Singapore in Effort to Diversify Currency Holdings!!

  1. #1
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    Default SNB Turns to Singapore in Effort to Diversify Currency Holdings!!

    Bloomberg News
    SNB Turns to Singapore in Effort to Diversify Currency Holdings
    By Stefan Riecher on December 18, 2012

    The Swiss central bank said it will open a branch in Singapore to help diversify its assets as it defends the franc’s exchange-rate cap.

    “A local presence will allow the SNB to extend its coverage of markets in Asia,” the Zurich-based Swiss National Bank said on its website. The Singapore branch will help “round-the-clock operations on the foreign-exchange market, for example, to enforce the minimum exchange rate.”

    The SNB last week maintained a 15-month old currency ceiling at 1.20 francs per euro to protect the economy, saying it will uphold the measure “with the utmost determination.” The SNB’s foreign-currency reserves have surged almost 70 percent over the past year to 424.8 billion francs ($464 billion) at the end of November.

    The central bank said on Oct. 31 that 48 percent of its currency assets were in euros, down from 60 percent the prior quarter. Its yen holdings made up 9 percent, compared with 8 percent previously, as other currencies, including Singapore dollars, accounted for 4 percent of reserves.

    “To reduce concentration risk, the SNB aims for a broad diversification of its investments, and has turned to new markets as a result,” including Asian currencies, and potentially stocks and bonds, it said.

    The Singapore branch is scheduled to open in mid-2013, and will have seven staff members, the SNB said.

    To contact the reporter on this story: Stefan Riecher in Frankfurt at [email protected]

    To contact the editor responsible for this story: Craig Stirling at [email protected]

  2. #2
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    Told u guys 2 months ago in October 2012, what were u doing? SLEEPING ?

    http://forums.condosingapore.com/showthread.php?t=15175


  3. #3
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    Quote Originally Posted by blackjack21trader
    Told u guys 2 months ago in October 2012, what were u doing? SLEEPING ?

    http://forums.condosingapore.com/showthread.php?t=15175


    You know what will come next for Singapore property market? ESPECIALLY THE RENTAL MARKET?

    I know, but I can only say after Christmas 2012 la.

    WOAAHHEHEHEHEH

    神龙股侠。
    Prediction: Weather in Singapore will be hot and Sunny on 20 Dec 2012.

  4. #4
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    make it easier for hot money in Europe to enter Singapore
    Ride at your own risk !!!

  5. #5
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    Talking

    Quote Originally Posted by phantom_opera
    make it easier for hot money in Europe to enter Singapore
    you just have to spill the beans and the fun, dun you?








    But....I like.

    WOAHAHAHAHAHH

  6. #6
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    Quote Originally Posted by blackjack21trader
    you just have to spill the beans and the fun, dun you?








    But....I like.

    WOAHAHAHAHAHH
    bro BJ ... no wonder Swiss set negative interest rate .... now they buay tong and want to drag Singapore into the water liao
    Ride at your own risk !!!

  7. #7
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    Quote Originally Posted by phantom_opera
    bro BJ ... no wonder Swiss set negative interest rate .... now they buay tong and want to drag Singapore into the water liao
    I see them as trying to circumvent the capital control and enter our lucrative property market la....WOAHAHAAHHAHAHAH

  8. #8
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    7 staff. One to man counter the other 6 go and snap up

    NORTH
    SOUTH
    EAST
    WEST
    DOWNTOWN CORE
    SOUTHERN ISLANDS/SENTOSA

    properties!

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