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Meaning of “floating exchange rate” in the English Dictionary

"floating exchange rate" in Business English

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floating exchange ratenoun [C]

uk   us   (also floating rate) ECONOMICS
an exchangerate that is ​allowed to ​change in relation to the ​value of other ​currencies: Under the ​floatingexchangeratesystem, a country's ​currency is supposed to ​adjust to ensure that its ​economystayshealthy.
(Definition of floating exchange rate from the Cambridge Business English Dictionary © Cambridge University Press)
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