Which type of exchange rate regime employs a 'leaning against the wind' approach, aiming to moderate short-term currency fluctuations without committing to a fixed long-term exchange rate?

Explanation

The adjustable peg exchange rate system uses a 'leaning against the wind' strategy, where authorities intervene to smooth out short-term exchange rate volatility but do not maintain a strict fixed rate over the long term. This distinguishes it from fixed pegs, managed floats, and free-floating regimes.