“Switzerland is manipulating its currency for the exact same reason China does: to help exporters gain a price advantage. And Switzerland is a big net exporter, with a current account surplus (exports minus imports) of 12 percent of GDP, compared to just 3 percent for China.  Why aren’t we freaking out about Swiss currency manipulation? Probably because Switzerland’s small scale helps us understand what a manipulated currency really means: cheaper Swiss goods for U.S. consumers.  With China, we somehow get this backwards.”

http://www.bloomberg.com/news/2012-10-23/switzerland-the-other-currency-manipulator.html

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