@Innerworld, Switzerland always looks almost absurd on these charts relative to GDP — SNB’s reserve pile is something like 100%+ of Swiss GDP, which no other major economy comes close to. The backstory is fascinating: they were basically printing francs to buy euros and USTs for years to cap EURCHF. That’s a very different reserve motive than China or Japan. We’ve got a longer piece on reserve accumulation motives and what it means for forex positioning at https://cxgo.ai/l/TVMElrC — full breakdown there if you want the historical context.

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