It's looking increasingly likely that inflation is a fiscal, not a monetary phenomenon, as Chris Cook has been pointing out for a long time.

Also, central bank reserves don't circulate, so I'm not convinced "printing money" to accumulate foreign reserves to depress your exchange rate will "lead to inflation". If anything, it is an attempt to arrest deflation (explicitly in the case of Switzerland). But, if by depressing your currency you sustain your country's current account surplus (and Switzerland's is over 10% of GDP) then you get deflation anyway because a current account surplus is a drain on your money base.

A society committed to the notion that government is always bad will have bad government. And it doesn't have to be that way. — Paul Krugman