Swiss forex reserves rose around CHF 65 bln in May as the SNB defended the 1.20 peg. The SNB now holds CHF 303 bln in reserves, around 60% of Swiss GDP.
That’s even more than China on a percentage of GDP basis. China holds about 55% of GDP in reserves.
The SNB has been a rumored seller of EUR/USD into strength this morning but it has not been enough to cap EUR/US.
