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What is your understanding ofan overvalued fixed exchange rate? Why is the fundamental value of the currency important? Explain the functioning of the fixed exchange

  1. What is your understanding ofan overvalued fixed exchange rate? Why is the fundamental value of the currency important? Explain the functioning of the fixed exchange rate system with a graph and point out the role of (foreign exchange) reserves in maintaining the official rate. What happens if central banks lose foreign exchange reserves to defend the peg (fixed rate)?

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