{"id":35461,"date":"2026-09-24T16:19:17","date_gmt":"2026-09-24T14:19:17","guid":{"rendered":"https:\/\/news.banquerichelieu.com\/?p=35461"},"modified":"2026-09-24T16:19:18","modified_gmt":"2026-09-24T14:19:18","slug":"the-swiss-franc-a-new-funding-currency-for-the-carry-trade","status":"publish","type":"post","link":"https:\/\/news.banquerichelieu.com\/en\/2026\/09\/24\/the-swiss-franc-a-new-funding-currency-for-the-carry-trade\/","title":{"rendered":"The Swiss franc, a new funding currency for the carry trade?"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">With the SNB policy rate at zero and the central bank willing to counter excessive appreciation, the franc is gaining appeal relative to the yen. This can weigh on the CHF in calm markets, but an unwind during market stress could amplify its appreciation as short-covering coincides with safe-haven demand.<br><br>Read the insights of <strong>Gregory Hung<\/strong>, CIO of Banque Richelieu Switzerland, in this article by <strong>S\u00e9bastien Ruche<\/strong> for <strong>Le Temps<\/strong>:<br><br><em>\u201cThe Swiss franc will not replace the yen as the main funding currency for carry trades.\u201d<\/em><br><br><em>\u201cThe yen is considered undervalued and could appreciate.\u201d<\/em><\/p>\n\n\n\n<div data-wp-interactive=\"core\/file\" class=\"wp-block-file aligncenter\"><object data-wp-bind--hidden=\"!state.hasPdfPreview\" hidden class=\"wp-block-file__embed\" data=\"https:\/\/news.banquerichelieu.com\/wp-content\/uploads\/2026\/09\/Le-temps-interview.pdf\" type=\"application\/pdf\" style=\"width:100%;height:600px\" aria-label=\"Embed of Le temps interview.\"><\/object><a id=\"wp-block-file--media-c25f5e50-9f74-4e9f-9921-120a7e34955d\" href=\"https:\/\/news.banquerichelieu.com\/wp-content\/uploads\/2026\/09\/Le-temps-interview.pdf\">Le temps interview<\/a><a href=\"https:\/\/news.banquerichelieu.com\/wp-content\/uploads\/2026\/09\/Le-temps-interview.pdf\" class=\"wp-block-file__button wp-element-button\" download aria-describedby=\"wp-block-file--media-c25f5e50-9f74-4e9f-9921-120a7e34955d\">T\u00e9l\u00e9charger<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"<p>With the SNB policy rate at zero and the central bank willing to counter excessive appreciation, the franc is gaining appeal relative to the yen. This can weigh on the CHF in calm markets, but an unwind during market stress could amplify its appreciation as short-covering coincides with safe-haven demand. Read the insights of Gregory [&hellip;]<\/p>\n","protected":false},"author":45,"featured_media":35464,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":"","_links_to":"","_links_to_target":""},"categories":[189,196],"tags":[],"class_list":["post-35461","post","type-post","status-publish","format-standard","has-post-thumbnail","category-wealth-management","category-experts-media"],"acf":[],"_links":{"self":[{"href":"https:\/\/news.banquerichelieu.com\/en\/wp-json\/wp\/v2\/posts\/35461","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/news.banquerichelieu.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/news.banquerichelieu.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/news.banquerichelieu.com\/en\/wp-json\/wp\/v2\/users\/45"}],"replies":[{"embeddable":true,"href":"https:\/\/news.banquerichelieu.com\/en\/wp-json\/wp\/v2\/comments?post=35461"}],"version-history":[{"count":1,"href":"https:\/\/news.banquerichelieu.com\/en\/wp-json\/wp\/v2\/posts\/35461\/revisions"}],"predecessor-version":[{"id":35466,"href":"https:\/\/news.banquerichelieu.com\/en\/wp-json\/wp\/v2\/posts\/35461\/revisions\/35466"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/news.banquerichelieu.com\/en\/wp-json\/wp\/v2\/media\/35464"}],"wp:attachment":[{"href":"https:\/\/news.banquerichelieu.com\/en\/wp-json\/wp\/v2\/media?parent=35461"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/news.banquerichelieu.com\/en\/wp-json\/wp\/v2\/categories?post=35461"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/news.banquerichelieu.com\/en\/wp-json\/wp\/v2\/tags?post=35461"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}