In a fixed exchange rate system – such as ERM II – central banks are obliged to secure the exchange rate of the currency as soon as it reaches an upper or lower limit set by contract. Within these bands, the exchange rate is formed according to the scarcity conditions on the market (actual scarcity conditions). The wider the band, the closer the system approaches floating exchange rates. – See China currency, exchange rate. – Cf. historical and current values in the quarterly booklet „Devisenkursstatistik“ published by the Deutsche Bundesbank; see also the respective notes in the appendix.

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University Professor Dr. Gerhard Merk, Dipl.rer.pol., Dipl.rer.oec.
Professor Dr. Eckehard Krah, Dipl.rer.pol.
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https://de.wikipedia.org/wiki/Gerhard_Ernst_Merk
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