SNB forex reserves up in May

The Swiss National Bank's foreign exchange reserves rose in May, data showed on Friday. The SNB held 444.354 billion Swiss francs in foreign currency at the end of May, compared with an unrevised 438.949 billion in April, preliminary data calculated according to the standards of the International Monetary Fund showed. The SNB capped the soaring franc in September 2011 to help stave off recession and the threat of deflation and was forced to intervene heavily in 2012 as the euro zone crisis flared, swelling its large foreign currency reserves.