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From the perspective of currency strategist James Malcolm from the UBS bank, the monetary policy course of yield curve control, which the central bank has been pursuing since 2016, has practically died with the latest decision. It will continue to operate until the end of the negative interest rate policy. The central bank could then replace it, for example with a minimum target for bond purchases in order to counteract fluctuations in yields. “The positive interpretation is that less open control should help the market function recover,” said the expert.