A method of adjusting exchange rates in which a currency is allowed to fluctuate within a range of rates rather than floating freely. Because of economic factors such as inflation, the currency's par value may need to be adjusted from time to time. For example, China's onshore yuan has historically been crawlingly pegged to the US dollar; the Chinese central bank kept it in a fluctuation band of 2% either side of a rate that was reset daily in accordance with government objectives. The People's Bank of China announced its intention to switch to a managed float in August 2015.

A crawling peg is a type of exchange rate regime in which a country's currency is adjusted periodically at a fixed, small rate or in response to certain economic indicators. Unlike a fixed exchange rate that remains constant, the crawling peg allows for gradual, controlled changes to the currency's value. This approach helps maintain exchange rate stability while allowing for necessary adjustments to reflect inflation differentials, trade balances, or other economic factors. It aims to combine the benefits of fixed and flexible exchange rates, reducing the risks of large, sudden devaluations or revaluations. Crawling pegs are often used by countries aiming to avoid the volatility of floating exchange rates while maintaining some level of control over their monetary policy.