| 1. | Countries participating in the euro have had rigidly fixed exchange rates since
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| 2. | Most Asian economies have abandoned fixed exchange rates, making currencies more flexible.
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| 3. | The fixed exchange rate took effect Thursday, and trading in dollars resumed.
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| 4. | "The fixed exchange rate remains as our monetary anchor, " he said.
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| 5. | Currency board arrangements are the most widespread means of fixed exchange rates.
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| 6. | But a fixed exchange rate can be achieved without a currency board.
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| 7. | He saw fixed exchange rates as an undesirable form of government intervention.
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| 8. | In China, the currency is held steady by a government-fixed exchange rate.
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| 9. | Another lesson is that fixed exchange rates are a mistake, Litan said.
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| 10. | Under fixed exchange rates, governments are not usually free to employ monetary policy.
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