Economy of Hungary inflation rates of below, but close to 2% over the medium term". Since Hungary is in the process of catching up (Balassa-Samuelson effect), the long-term objective is a slightly higher figure, around 2.3-3.2%. Therefore, the medium term inflation target of the Hungarian National Bank is 3%. Concerning the exchange rate system, the floating exchange rate system is in use since 26 February 2008, as a result of which HUF is fluctuating in accordance with the effects of the market in the face of the reference currency, the euro. The chart on the right shows forint exchange rates for the British
Mace (unit) which is also a generic word for "money" in Mandarin Chinese. (The same Chinese character (kanji) was used for the Japanese "sen", the former unit equal to of a Japanese yen; the Korean "chŏn"(revised: jeon), the former unit equal to of a Korean won; and for the Vietnamese tiền, a currency used in late imperial Vietnam; although neither of these has ever been known as "mace" in English.) Mace (unit) A mace (; Hong Kong English usage: tsin; Southeast Asian English usage: chee) is a traditional Chinese measurement of weight in East Asia that was also used as a currency