The Swiss National Bank (SNB) on Wednesday rejected accusations by the US Treasury of being a currency manipulator and said it would remain willing to "intervene more in the foreign exchange market".

"The SNB has taken note of the latest report published by the US Treasury on the monetary policy of the main trading partners of the United States (and the assessment concerning Switzerland)," the SNB wrote in a statement sent to Xinhua.

"The SNB and the Swiss authorities remain in contact with the US authorities in order to explain the economic situation and monetary policy of our country," the statement added.

Earlier on Wednesday, the US Treasury called Switzerland a currency manipulator, suspecting the country of taking steps to devalue the Swiss currency against the greenback.

"Under no circumstances does Switzerland carry out monetary manipulations," the SNB said, adding that "the SNB's interventions in the foreign exchange market are not aimed at preventing balance-of-payments adjustments or at obtaining an unjustified competitive advantage for the Swiss economy."

"Swiss monetary policy needs these interventions to ensure appropriate monetary conditions and, by extension, price stability in Switzerland," she stressed.

The SNB stepped up its interventions in the foreign exchange market in the first half of this year, spending around 90 billion Swiss francs in an effort to contain the much-appreciated franc and reduce the impact of the pandemic on the economy.

This came as the scramble for safe haven currencies during the COVID-19 crisis pushed the franc to its highest level in five years against the euro.

The SNB said its approach to monetary policy would remain unchanged by the US report: "The report does not entail any change for the SNB's approach to monetary policy. Given the economic situation and the still high level of the Swiss franc, the SNB remains ready to intervene more fully in the foreign exchange market."

"Switzerland and the United States are important trading partners. We have excellent bilateral relations and regularly exchange on economic and financial issues," the bank said.

The SNB will make its assessment of monetary policy on Thursday. End