Fig. 7.

Global trade interventions and Swiss Franc against major currencies. Note: Panel a illustrates global trade interventions for 2018, 2019, and 2020; a positive value indicates that the number of newly imposed liberalizing interventions exceeded the number of newly imposed harmful interventions, while a negative value implies that trade policy became more protectionist. Panel b plots the CHF/JPY, CHF/EUR, CHF/USD, and CHF/GBP exchange rates normalized to 100 on the first trading day in 2020, i.e., 3.1.2020; a rise in the index value from 100 to 105 indicates a 5 percent appreciation of the Swiss franc. Sources: Global Trade Alert https://www.globaltradealert.org/, Swiss National Bank