Currency board (货币委员会)

Currency board (货币委员会 huòbì wěiyuánhuì) refers to the monetary authority that has direct instructions to back the domestic currency in circulation with foreign currency, which usually exercises an extreme form of a pegged exchange rate.

  • board (委员会 wěiyuánhuì) is often used to refer to a small group of authoritative or powerful people.

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