A fixed exchange rate is determined by a government or central bank and maintained through interventions in the foreign exchange market. For example, the Hong Kong Dollar is pegged to the U.S. Dollar at a fixed rate, and the Hong Kong Monetary Authority intervenes to ensure the currency remains within a specified range. Other times, fixed exchange rates are calculated through cross-pair formulas. For example, the GBP/JPY exchange rate can be derived by multiplying the GBP/USD rate by the USD/JPY rate.