What is meant by a managed floating exchange rate system? How does the policy of leaning against

Question:

What is meant by a managed floating system? How does the policy of leaning against the wind operate? What is the advantage of a managed floating system with respect to a freely floating system and a fixed system?
Exchange Rate
The value of one currency for the purpose of conversion to another. Exchange Rate means on any day, for purposes of determining the Dollar Equivalent of any currency other than Dollars, the rate at which such currency may be exchanged into Dollars...