Country X has a hard-peg exchange rate system, and has recently has experienced a rise in it's real exchange rate. Which of the following statements is(are) true: a. No adjustment can be made to the exchange rate in a hard-peg system b. The central bank must devalue the the rate to maintain the Balance of Payment. c. The rise in real exchange rate will be offset by a depreciation through external balancing mechanism. d. Adjustment will be borne by the real economy.

there are more than one correct answers