UBS: The "V-shaped reversal" of the Swiss Franc in October was not caused by foreign exchange interventions by the Swiss National Bank.

According to the Zhitong Financial APP, based on the calculations made by UBS on the balance sheet data, the Swiss National Bank did not intervene in the foreign exchange market in October, when the Swiss Franc trend reversed. UBS economist Florian Germanier estimated that the Swiss National Bank's foreign exchange transactions in that month ranged from a buy amount of 20 million Swiss Francs (approximately 25 million US dollars) to a sell amount of 50 million Swiss Francs (approximately 510 million US dollars). These figures are far lower than the bank's expenses of 5.1 billion Swiss Francs in the second quarter.