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Is there a relationship between a countrys monetary policy

In our current highly dependent, but not fully integrated, global economy where the value (exchange rates) of countries' currencies were left to float freely (determined by the market supply and demand), how do countries control or maintain the value of their currencies? Is there a relationship between a country's monetary policy and the value of its currency in the global market? Can a country's economic wellbeing be impacted by the value of its currency?

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