What major change did most countries make regarding exchange rates in 1971?

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Implemented a new fixed exchange rate systemAbandoned formal exchange rate pegs and allowed rates to float based on market forcesIntroduced a single global currency used only for international tradeReinstated the gold standard for currency valuation

Explanation

In 1971, the majority of countries stopped maintaining fixed exchange rates and instead permitted their currencies' values to fluctuate according to supply and demand in the foreign exchange markets.