"The Swiss central bank imposed a ceiling on the franc's...

"The Swiss central bank imposed a ceiling on the franc's exchange rate for the first time in more than three decades and pledged to defend the target with the "utmost determination."

The Swiss National Bank is "aiming for a substantial and sustained weakening of the franc," the Zurich-based bank said in an e-mailed statement today. "With immediate effect, it will no longer tolerate a euro-franc exchange rate below the minimum rate of 1.20 francs" and "is prepared to buy foreign currency in unlimited quantities."

..."The SNB has committed itself to creating unlimited amounts of francs and selling them versus the euro to defend the currency's level," said Fabian Heller, an economist at Credit Suisse Group AG in Zurich. "They will follow through on their commitment as otherwise their credibility would be clearly damaged and speculation would start again, most likely leading to renewed franc gains."

The full article is at http://www.bloomberg.com/news/2011-09-06/swiss-national-bank-sets-minimum-exchange-rate-of-1-20-against-the-euro.html

My comments: "The SNB has committed itself to creating unlimited amounts of francs" Hmmnnn ... I wonder what that is called? So much for the Swiss franc competing with gold as a "safe haven" imo.