The Swiss central bank says it is to enhance flexibility in steering money market interest rates
This will be added to the SNB’s monetary policy repertoire moving forward but not before some test operations are conducted. For the time being, the central bank implements monetary policy by setting the SNB policy rate so this just adds to the tools they can play around with. However, I still see the key policy rate as being the main weapon in the armory.
The full announcement can be found here.

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Franc is currently sought after as a refuge currency
Franc appreciation also reflects inflation differential between Switzerland and other countries
The franc continues to be highly valued
SNB looks at overall currency situation
Individual currency pairs do not play a special role
Some verbal intervention there by the SNB but in typical cases for the franc, actions speak louder than words. That said, this could be a precursor before the “invisible hand” steps in. So, just be mindful of that.
On the last remark, the SNB is surely alluding to EUR/CHF as the pair hits parity for the first time since the 2015 fiasco.
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The latest trial could see the introduction of central bank digital currency move a step closer in Switzerland. The SNB says that they integrated the digital currencies into payment systems and used them in simulated transactions involving UBS, Credit Suisse, Goldman Sachs, and Citigroup.
The test showed it was possible to instantaneously execute payments, ranging from CHF 100,000 to CHF 5 million, elimination counter-party risk.
I still think it will be a while before this becomes a whole thing but if anything, it looks like any rollout could take place rather quickly given how central banks are continuing to do their due diligence in the meantime.
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