“We are supposed to forget that the Swiss had one of the great currencies in the world. Instead, we can see from this article that the Swiss seek the validation of the Chinese renminbi. Once, the Swiss franc was linked to gold but the Swiss destroyed that link a decade ago. Then the Swiss placed a ceiling on the franc to ensure that it wouldn’t go much past the failing euro. And now the Swiss want to become a renminbi hub. ‘The prestige and profits of becoming RMB conduits …’ Once upon a time there was prestige and profit in trading the Swiss franc. The Swiss had a reputation for probity and privacy. But the US attack has cracked open Swiss privacy and devastated private banking.”
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