(Bloomberg) — The Swiss National Bank pledged to push ahead with interventions to rein in the franc, defying a U.S. decision to designate the nation a currency manipulator.

The central bank said it doesn’t engage “in any form” of currency manipulation, and its actions are aimed at helping it ensure price stability. It has been intervening on and off for more than a decade to keep the franc — which tends to attract investors in times of market stress — from strengthening too much.

The decision by the U.S. comes at the end of a particularly intense year in which the franc strengthened because of the coronavirus pandemic, forcing the SNB to step up its battle.

The U.S. Treasury also labeled Vietnam a manipulator. It said it will follow up with both countries “to work toward eliminating practices that create unfair advantages for foreign competitors.”

©2020 Bloomberg L.P.

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