Most large economies outside the pure floaters sit here. The rate moves day to day, but the central bank keeps reserves ready and steps in against moves it regards as excessive, using the tools in central-bank-intervention and often preceded by verbal-intervention.
China's arrangement is the most visible version: a daily reference rate is published and the onshore rate is allowed to move within a band around it, with a separate offshore market trading more freely. The gap between the two is itself watched as a signal of pressure.
For a trader the practical effect is asymmetric risk. Trends persist until they attract official attention, then reverse violently, so position sizing has to assume the reversal can be larger than the daily range suggests.
Example: a pair trending 0.3% a day for three weeks moves 1.5% against the trend in twenty minutes on an intervention headline. Five days of gains disappear in one candle.
Related: free-float, central-bank-intervention, currency-peg, verbal-intervention