The Value of a Fixed Exchange Rate in Contemporary Economies

The value of a fixed exchange rate in contemporary economies is

A) determined by the supply and demand for a currency in the foreign exchange market.
B) set by the government,usually in terms of gold or some other precious metal.
C) set by the government,usually in terms of the currency (or basket of currencies) of the country's major trading partner(s) .
D) set by agreement of the central banks of the major trading countries of the world determined by economic forces.
E) set at a value equal to the average of the fundamental exchange rate over the previous five years.