When discussing the relative pros and cons of a fixed exchange rate system compared to a floating exchange rate system, it is imperative to understand the meaning of both systems. “A fixed exchange rate is when a country ties the value of its currency to some other widely-used commodity or currency” (Amadeo, 2020). With international trade, the currency most used around the world is the United States Dollar. Today, most fixed exchange rates are attached to the U.S. dollar. Countries that trade a lot with others may also fix their currency with those they trade with the most. With a fixed exchange rate, the government completely or partially sets that rate.
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