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The Chinese called it a "managed floating exchange-rate regime", which may well imply more management than floating.
(Such a managed floating rate is sometimes called a "dirty" float).
The dual exchange rate system was then replaced by a managed floating system in 1977.
The managed floating exchange rate system was finally replaced by an independent float regime on January 23 , 2001
Before the reform of the RMB exchange rate mechanism, China was adopting a market-based, single, managed floating exchange rate system.
In the Asian countries, excluding Japan, the IMF imposed fiscal austerity and managed floating exchange rates coupled with extremely high interest rates.
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Scott Page, who manages floating rate funds for Eaton Vance, said that the funds were different from bond funds, which tend to have falling returns when interest rates rise.
As the euro zone's trouble spots, such as Italy, struggle against the constraints of a currency union, some developing countries (and a few rich ones, such as Japan and Switzerland) have long grappled with the problem of managing floating exchange rates.
The auction system remains, technically, a managed float rather than a devaluation.
A managed float, as Singapore has, risks permanently politicising the exchange rate, and might invite speculators.
notedWorld Economic OutlookThe attraction of a managed float relative to a crawling peg is clear.
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