ELI5 Currencies - what does it mean to float a country’s currency?

How does a country devalue their currency, and why would they want to do that? What does it mean when people say a government is manipulating a currency? And what does it mean to either ‘peg’ or ‘float’ a currency? Explain the Bretton Woods system? ... we explain like I'm five Thank you to the r/explainlikeimfive community and in particular the following users whose questions and comments formed the basis of this discussion: sakiliya, wrsaunders and baldbear_13 To the ELI5 community that has supported us so far, thanks for all your feedback and comments. Join us on Twitter: https://www.twitter.com/eli5ThePodcast/ or send us an e-mail: [email protected]