Question: In a exchange regime, governments tend to managed-floating: float their currencies until they are fixed to a reference external currency, such as the US dollar

In a exchange regime, governments tend to managed-floating: float their currencies until they are fixed to a reference external currency, such as the US dollar floating: intervene frequently in the foreign exchange market pegged; allow market forces to float and peg the exchange rates fixed; arrange their currencies against each other at a mutually agreed on exchange rate

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