Fixed, Pegged, and Offshore Currency Regimes

Fixed, Pegged, and Offshore Currency Regimes covers policy-set rates, anchors, currency boards, and rates formed outside the main domestic market.

Use these pages when a reader needs to distinguish Fixed Exchange Rate, Currency Peg, Currency Board, and Offshore Exchange Rate. For flexible regimes, see Floating Exchange Rate and Managed Floating Exchange Rate.

What This Branch Covers

Decision Lens

Start with whether the rate is actually tradable at the stated level and where it is quoted. An official peg, domestic market rate, and offshore rate can have different evidence sources and different implications for cash conversion, valuation, and risk.

Evaluation Checklist

• Confirm whether the term describes policy, market practice, or a quoted rate.
• Check whether the rate is onshore, offshore, official, or executable.
• Distinguish a currency peg from a currency board.
• Consider liquidity, convertibility, and intervention risk when interpreting the regime.
• Avoid treating regime labels as predictions of future currency movement.

Common Mistakes

• Assuming an official rate is available for every transaction size or user.
• Treating a peg as permanent.
• Ignoring the spread between onshore and offshore exchange rates.
• Confusing managed intervention with full exchange-rate control.

In this section

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