According to reports from Jinshi Data, the Swiss National Bank continued to avoid manipulating the Swiss franc at the time of its depreciation against the euro, not intervening in the foreign exchange market for the fifth consecutive quarter this year. Data shows that the Swiss National Bank purchased only 49 million Swiss francs in foreign exchange from January to March, consistent with previous quarters. Officials believe there is no reason for intervention, as the Swiss National Bank significantly cut interest rates last December, prompting investors to withdraw from the Swiss franc. During the same period, the Swiss franc fell 1.7% against the euro but rose 2.8% against the US dollar. This may be related to the intensification of President Trump's tariff threats.