China: Make Use of RRR, Interest Rate Cut Flexibly

On behalf of the Governing Board, it is my pleasure as Chairman to welcome you to the SNB's news conference. After our introductory remarks, we will as usual be pleased to take any questions you may have. Monetary policy decision I will begin with our monetary policy decision. We have decided to leave the SNB policy rate unchanged at 0%. Banks' sight deposits held at the SNB will be remunerated at the SNB policy rate up to a certain threshold. The discount for sight deposits above this threshold still stands at 0.25 percentage points. We remain willing to be active in the foreign exchange market as necessary. Inflation in recent months has been slightly lower than expected. In the medium term, however, inflationary pressure is virtually unchanged compared to the last monetary policy assessment. Our monetary policy helps to keep inflation within the range consistent with price stability and supports economic development. We will continue to monitor the situation and adjust our monetary policy if necessary, in order to ensure price stability. Inflation forecastWe have decided to leave the SNB policy rate unchanged at 0%. Banks' sight deposits held at the SNB will be remunerated at the SNB policy rate up to a certain threshold. The discount for sight deposits above this threshold still stands at 0.25 percentage points. We remain willing to be active in the foreign exchange market as necessary. Inflation in recent months has been slightly lower than expected. In the medium term, however, inflationary pressure is virtually unchanged compared to the last monetary policy assessment. Our monetary policy helps to keep inflation within the range consistent with price stability and supports economic development. We will continue to monitor the situation and adjust our monetary policy if necessary, in order to ensure price stability. SNB’s Tschudin: Swiss Economic Outlook Slightly Improved Due To Lower US Tariffs - Main Risk For Swiss Economy Is Development Of Global Economy SNB's Chairman Schlegel: Willing to introduce snb negative rates in needed.

The Swiss National Bank is leaving the SNB policy rate unchanged at 0%. Banks' sight deposits held at the SNB will be remunerated at the SNB policy rate up to a certain threshold. The discount for sight deposits above this threshold still stands at 0.25 percentage points. The SNB remains willing to be active in the foreign exchange market as necessary. Inflation in recent months has been slightly lower than expected. In the medium term, however, inflationary pressure is virtually unchanged compared to the last monetary policy assessment. The monetary policy helps to keep inflation within the range consistent with price stability and supports economic development. The SNB will continue to monitor the situation and adjust its monetary policy if necessary, in order to ensure price stability. Inflation has declined slightly since the last monetary policy assessment. It decreased from 0.2% in August to 0.0% in November. Lower inflation in the hotel industry, as well as for rents and clothing, contributed in particular to this decline. Inflationary pressure in the medium term is virtually unchanged compared to the previous quarter. Although the conditi Swiss National Bank: Inflationary Pressure Is Virtually Unchanged Compared To The Last Monetary Policy Assessment - Main Risk To The Economic Outlook For Switzerland Is The Development Of The Global economy SNB Sees 2025 Inflation At 0.2% (Prev 0.2%) Sees 2026 Inflation At 0.3% (Prev 0.5%) Sees 2027 Inflation At 0.6% (Prev 0.7%) Sees 2025 Swiss GDP At Around 1.5% (Prev 1.0-1.5%) Sees 2026 Swiss GDP At Around 1% (Prev 1%)

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Manufacturing production increased by 0,2% in October 2025 compared with October 2024. Eight of the ten manufacturing divisions reported positive growth rates over this period. ...