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But floating exchange rates also have disadvantages.
But floating exchange rates are dangerous.
But this is mainly a world of floating exchange rates.
In a world of (mostly) floating exchange rates, cross-border capital flows add to the problem.
It has much stronger institutions and – most important of all – a floating exchange rate.
In the contemporary international monetary system, floating exchange rates are the norm.
Most emerging economies have larger foreign-exchange reserves, less short-term debt and floating exchange rates.
Today India has a floating exchange rate and a government with almost no foreign-currency debt.
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Both countries now have floating exchange-rate regimes; their currencies are even fortuitously aligned.
The floating exchange-rate system emerged when the old IMF system of pegged exchange rates collapsed.
The Chinese called it a "managed floating exchange-rate regime", which may well imply more management than floating.
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