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B Explain the phenomenon of capital flight under fixed exchange rate system. Give and explain the main reasons for which the central bank may have to give up and let local currency to depreciate sharply during capital flight. (10.05) 4 Under fixed exchange rate system, which policy, monetary policy or fiscal policy, would be more effective? Under floating exchange rate system, is it impossible for capital flight to cause the central bank to suffer great loss of official reserves? (10.01)