The exchange rate system in use since the early 1970s is best described as a

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The exchange rate system in use since the early 1970s is a freely floating or managed "dirty" floating exchange rate system, which means that exchange rates are determined by market forces and central banks may intervene occasionally to influence the exchange rate if deemed necessary. This system replaced the fixed exchange system, where countries had fixed exchange rates with each other, and the adjustable peg system, where countries could adjust their exchange rates within a certain range. It is not a dollar standard as it does not tie the value of other currencies to the US dollar.

The Exchange Rate System in Use Since the Early 1970s