新加坡元/瑞郎 (SGDCHF) 加自选

瑞士央行董事会成员表示，如果需要，负利率仍然是一种选择。瑞士央行董事会成员Petra Tschudin周四表示，如有必要，瑞士央行可能会引入负利率，因为该政策在过去一直有效，但它更愿意避免。

SNB board member says negative rates still an option if needed.The Swiss National Bank could introduce negative interest rates if necessary because the policy has worked in the past, though it would prefer to avoid it, governing board member Petra Tschudin said on Thursday.

10年期瑞士政府债券收益率跌至0.46%，为2月下旬以来的最低水平，反映了全球市场的走势。在特朗普总统宣布对美国合作伙伴和竞争对手征收高额关税后，投资者寻求避险资产，这引发了一场全球贸易战，许多人担心这将引发经济衰退并加剧通货膨胀。与此同时，瑞士对其进口征收31%的关税，而美国占瑞士出口的19%。在数据方面，瑞士通胀率保持在0.3%的四年低点，与0.5%的预期相反，突显出压力疲软，导致瑞士国家银行上个月将利率降至0.25%。3月是通胀率连续第七个月低于1%，挑战了瑞士国家银行0-2%的目标。美国激进关税的新背景提高了人们对今年进一步降息的预期。

The yield on the 10-year Swiss government bond fell to 0.46%, its lowest since late February, mirroring movements in global markets. Investors sought safe-haven assets following President Trump's announcement of aggressive tariffs against US partners and rivals, fanning a global trade war that many fear will spark recessions and ramp up inflation. Meanwhile, Switzerland was hit with a 31% levy on its imports, while the US accounts for a substantial 19% of Swiss exports. On the data front, Swiss inflation stayed at a four-year low of 0.3%, contrary to expectations of 0.5%, highlighting weak pressures that led the Swiss National Bank to cut interest rates to 0.25% last month. March was the seventh consecutive month with inflation below 1%, challenging the Swiss National Bank’s 0-2% target. The new context of aggressive US tariffs raised expectations of further rate cuts this year.

瑞士法郎兑美元汇率升至0.87，为2024年11月初以来的最高水平，因为投资者纷纷涌向避险资产，以应对美国总统唐纳德·特朗普对主要贸易伙伴征收的比预期更激进的关税。与此同时，作为其“互惠关税”战略的一部分，特朗普总统对瑞士进口商品征收31%的关税。在国内数据方面，2025年3月瑞士的年通货膨胀率为0.3%，与2月份接近四年的低点持平，略低于市场预测的0.5%。

The Swiss franc strengthened toward 0.87 per USD, the highest level since early November 2024, as investors flocked to safe-haven assets in response to US President Donald Trump's more aggressive-than-anticipated tariffs on major trading partners. Meanwhile, as part of his "reciprocal tariffs" strategy, President Trump imposed a 31% levy on Swiss imports. On the domestic data front, the annual inflation rate in Switzerland stood at 0.3% in March 2025, unchanged from February’s near four-year low, slightly below market forecasts of 0.5%.

瑞士3月份CPI同比0.3%不变，未达到预期。瑞士3月消费者通胀保持温和，整体CPI本月不变，低于预期的0.1%涨幅。核心CPI（不包括新鲜和季节性产品、能源和燃料）仅上涨0.1%。

Swiss CPI unchanged at 0.3% yoy in Mar, misses expectations.Swiss consumer inflation remained subdued in March, with headline CPI unchanged on the month, below the expected 0.1% mom rise. Core CPI (excluding fresh and seasonal products, energy and fuel) rose just 0.1% mom.