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2025-12-15 17:04:29
[Swiss Franc Safe-Haven Deposits Surge, Central Bank Data Hints at Intervention] ⑴ Data released by the Swiss National Bank on Monday showed that, in the week ending December 12, spot deposits at domestic commercial banks rose to CHF 444.663 billion, a significant increase of CHF 4.144 billion from the previous week's CHF 440.519 billion. ⑵ The total, including other CHF spot deposits, also rose to CHF 463.488 billion, an increase of CHF 1.618 billion from the previous week's CHF 461.87 billion, marking several consecutive weeks of growth. ⑶ Spot deposits are a key component of the banking system's liquidity, and their continued rise is often seen as a signal that the central bank may be intervening in the foreign exchange market through foreign exchange swaps or repurchase operations, aiming to increase liquidity and curb the appreciation of the local currency. ⑷ Looking at longer-term data, since the low point in June, domestic bank spot deposits have increased by nearly CHF 20 billion, reflecting the continued safe-haven demand and potential central bank intervention amid market volatility and concerns over Trump's tariff rhetoric. (5) The trend of this data needs to be closely monitored in the future, as it directly reflects the policy orientation of the Swiss National Bank and the market liquidity situation, and is an important leading indicator for predicting the Swiss franc exchange rate and risk sentiment in the European market.
