Users of the ReservePlus loan card pay themselves an interest rate pegged at the prime rate (currently 5%) plus a service fee of from 2.9% to 3.25% of the outstanding balance, which goes to Bent's firm.

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The pegged exchange rate required the regular purchase of a large quantity of dollars and the issue of a commensurately large quantity of newly created yuan.

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That manipulated, pegged, or fixed-rate system worked well in the early postwar years when there was apparently an unlimited demand for dollar reserves, which we were happy to provide to the world in the form of external deficits.

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Its job is greatly complicated by its desire to maintain a pegged currency: buying dollars at the fixed rate of 8.3 yuan creates a lot of extra liquidity that it then struggles to mop up.

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His strategy was based on the fixing of three-month swaps pegged to Euribor -- the euro-based interbank lending rate set in Brussels by averaging 44 banks' submissions, regulators have said.

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Pegged rates are also susceptible to speculative attack, whereas a floating rate can adjust more smoothly to market forces.

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