In 1973, for instance, Singapore and Malaysia abandoned their currency-board systems by allowing their currencies to float.
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Over the last several months there has been a great deal of pressure put on China to loosen their currency peg and allow the Yuan a freer float.
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Either countries should float their currencies (or adopt much wider bands) or they should adopt the rigid fixity of a currency board or even currency union.
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But they cannot surrender their peg until the country's banks are fit enough to live with a currency free to float and capital free to flee.
ECONOMIST: A $45 billion shot in the arm | The
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