Published by Mark Smith-HalvorsenThe Swiss National Bank (SNB) has declared losses of more than 14 billion francs (£8.8 billion) in the first six months of the year as forex traders sought refuge from global economic turmoil.Considering the Swiss franc a solid haven currency, forex brokers have caused capital inflows to pour into the country during the eurozone crisis.Speaking to the Telegraph, David Bloom, chief currency strategist at HSBC, said that with Japan's national debt now running at 200 per cent of gross domestic product, the Swiss franc has replaced the yen as the world's premier haven currency."If we have a US slowdown with a fresh financial crisis, everybody is going to want to buy the Swiss franc, along with bottled water, tin hats, and a shotgun," he said.The SNB embarked on a crusade to limit the appreciation of the franc earlier this year, and the Financial Times reports that it is in the mass-purchase of foreign currencies that the multibillion-franc losses have been incurred.For more information on foreign exchange treasury services and risk management, visit our Corporate FX site