Good point, and China has for years adopted this approach. Problem is, they are now long of a trillion dollars of US debt, and are as a result, at the mercy of

Good point, and China has for years adopted this approach. Problem is, they are now long of a trillion dollars of US debt, and are as a result, at the mercy of their own debtor. I think the Swiss were wary of that scenario: becoming longer of European debt. If they had adopted a gradual approach, they would have been showing their spoof poker hand, days after having asserted that the peg wouldn't move. The market would have sold billions more euros to them which they didn't want.