The exchange-rate system that we now have for major currencies like the U.S. dollar, yen, and euro is a "managed-floating" system.

Question

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Major currencies like the U.S. dollar, yen, and euro operate under a managed-floating exchange rate system, where their values fluctuate daily based on market forces, but central banks may intervene to stabilize or influence their currencies' values.

The Exchange-Rate System That We Now Have for Major Currencies