In recent years, an increasing number of developing countries have adopted market-determined floating exchange rates. This development has represented a significant step forward in the evolution toward exchange rate flexibility that has taken place in the developing country group since the...

China's exchange rate regime has undergone gradual reform since the move away from a fixed exchange rate in 2005. The renminbi has become more flexible over time but is still carefully managed, and depth and liquidity in the onshore FX market is relatively low compared to other countries with de...