Identifying Managed Float Exchange Rate System

In the context of international finance, exchange rate regimes play a crucial role in determining how countries manage their currencies relative to others. One particular regime allows a country to set its currency value against another currency with minimal government intervention, giving it more control over its monetary policy while still allowing market forces to influence the exchange rate. This is contrasted with regimes where the government has fixed or tightly controlled exchange rates.

Which of the following best describes this exchange rate regime?