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Exchange rate regimes are typically divided into three broad categories. On one end of the spectrum there are hard exchange rate packs. On the other end there are flexible exchange rate regimes. The spectrum, or degree of exchange rate rigidity, is determined by the extent the government intervenes to affect the exchange rate. Hard pegs imply no flexibility of the exchange rate, while floating regimes imply free movement of the currencys price relative to other currencies In between the two extremes there is a variety of intermediate exchange rate regimes. Lets talk about each group of regimes in detail. Under a fixed exchange rate, the monetary authority commits to exchanging a unit of foreigncurrency for x units of domestic currency. X is the exchange rate peg. Some countries go much further than fixing the exchange rate, they adopt the currency of another country. For example, some countries use the United States dollar. These are exchange arrangements with no sep