The Swiss National Bank left its policy rate at 0% on Thursday — the fourth consecutive quarterly meeting at that level and signaling a second year of effectively zero rates. The SNB reiterated it has “increased willingness” to intervene in FX markets if necessary to prevent a rapid, excessive Swiss franc appreciation and protect price stability, language it has repeatedly used since the outbreak of the Iran conflict. The franc remains below the level seen during earlier safe-haven inflows; this week’s peace agreement may further reduce safe-haven demand. Retaining the intervention wording preserves policy flexibility if the conflict re‑escalates. Whether the SNB executed the March intervention threat will be confirmed when Q1 FX data are published on June 30.(金十数据)