Skip to Content Facebook Feature Image

Swiss central bank cuts interest rate for second time this year

China

China

China

Swiss central bank cuts interest rate for second time this year

2024-06-22 14:44 Last Updated At:15:07

The Swiss National Bank (SNB), the central bank of Switzerland, lowered its interest rate by 25 basis points to 1.25 percent on Thursday, marking its second cut of the year amidst signs of cooling inflation.

SNB Chair Thomas Jordan cited the easing inflationary pressures in Switzerland, the strengthening of the Swiss franc, and the heightened global uncertainties as the major factors behind the cut while also expressing readiness to intervene in the foreign exchange market as needed.

The SNB had previously announced a 25-basis point interest rate cut to 1.5 percent on March 21, thus making Switzerland become the first major economy to cut interest rates this year.

Swiss central bank cuts interest rate for second time this year

Swiss central bank cuts interest rate for second time this year

Next Article

WTO meeting appreciates Chinese's contribution to world economy

2024-07-18 17:32 Last Updated At:18:27

⁠⁠⁠⁠⁠⁠⁠Delegates from the member countries of the World Trade Organization (WTO) appreciated China's contribution to promoting global economic growth and upholding the multilateral trading system on Thursday,  the first day of WTO's ninth Trade Policy Review of China.

The ninth review of the trade policies and practices of China takes place on July 17 and 19, 2024. The basis for the review is a report by the WTO Secretariat and a report by the Chinese government.

At the review meeting at the WTO headquarters in Geneva, Switzerland, delegates recognized that China's economy has shown strong resilience in the face of multiple external challenges, achieving a growth rate of 5.2 percent in 2023, and remaining an important driving force of the global economic recovery in the aftermath of the COVID-19 epidemic.

They said China has been the most important trading partner of many members, and has continued to promote trade and investment liberalization and facilitation in recent years by reducing tariffs, optimizing customs clearance procedures and introducing negative lists.

The delegates recognized that China has continuously promoted market-oriented reforms and green transformation and development of its economy through various measures, such as strengthening technological innovation, and has made outstanding contributions to the global low-carbon and green development and the response to climate change.

They said that China is an important and responsible WTO member and has played a positive and constructive role in the organization. In particular, some delegates spoke highly of China's great achievements in alleviating poverty and promoting inclusive and balanced development among regions and groups, which provide a successful model and development confidence for other developing members.

Some delegates hoped that China will improve the transparency of its trade policies so that other members could understand China's business environment, further open its market, especially to developing and the least-developed members, improve the level of facilitation and welcome more trade partners to share opportunities in the Chinese market, and increase outward foreign investment and technology assistance to deepen bilateral economic and trade relations. 

Many members also expressed the hope that China would continue to firmly practice multilateralism, support the development agenda and take more leadership in WTO reform.

WTO meeting appreciates Chinese's contribution to world economy

WTO meeting appreciates Chinese's contribution to world economy

Recommended Articles