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Overseas Chinese students suffer from soaring Swiss franc   


2015-01-19 13:08 Ecns.cn Web Editor: Mo Hong'e

(ECNS) - Within one hour of the Swiss National Bank's scrapping of its cap on the franc, tuition fees for Chinese studying in Switzerland rocketed by 30,000 RMB ($4,833), the China Business News reported Monday.

The Swiss central bank ended its three year currency peg to the euro last Thursday and lowered its interest rates to 0.75 percent, resulting in a plummeting euro and an exchange rate of 0.9907 franc per euro.

To maintain its exchange rate of 1.20 franc per euro, the Swiss franc had to keep depreciating, says bank chairman Thomas Jordan.

Rui Yi, a Chinese studying at a hotel management school in Switzerland, says their tuition fee rose by about $4,833 within one hour of the news breaking.

"My friends and I check the exchange rate between the franc and RMB even when we are having meals. Whenever we see each other, all we talk about is the exchange rate."

Rui says some friends are complaining that they don't want to study in Switzerland if the franc keeps appreciating, while others are deciding to delay paying their tuition fees.

However, students participating in internship programs benefit from the rising franc, adds Rui.

Apart from Chinese students, foreign currency investors, securities traders, banks and export enterprises are also suffering.

It will have a very limited effect on Chinese enterprises, however, as Switzerland accounts for only 0.1 percent of China's general exports.

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