The Swiss National Bank cut its interest rate to zero on Thursday and did not rule out returning borrowing costs to negative territory in future, although it stressed this was not a step it would take lightly.

The Swiss National Bank has cut interest rates by a quarter point to zero but did not go so far as negative rates, as it battles to restrain its currency, which has surged on global trade tensions. It is the first time that the Alpine country,

The central bank reduced rates to zero as it hopes to rein in the rapidly appreciating franc, which has acted as a safe haven for investors on concerns over U.S. trade policy and Middle East tensions.