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floating exchange rate |
Also found in: Wikipedia | 0.02 sec. |
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Floating exchange rate A country's decision to allow its currency value to change freely. The currency is not constrained by central bank intervention and does not have to maintain its relationship with another currency in a narrow band. The currency value is determined by trading in the foreign exchange market.
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| 3% band led economists to speculate that this would be the beginning of a floating exchange rate for the Asian giant. That fixed peg, which had been in place since 1996, was cancelled abruptly in late July, though the new system adopted by Chinese leaders is far from free-floating But the announcement by the People's Bank of China was accompanied by a slight increase in the yuan's value and a pledge to "move into a managed floating exchange rate regime based on market supply and demand with reference to a basket of currencies. When compared with the hyper-inflation and debt crises of other developing countries, and considering the transition from a fixed exchange rate to a floating exchange rate which India went through in the 1990s, India's fiscal policies and financial management take on a different light. |
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