This survey is designed to complemenl Treadgold's on Macroeconomic Manugement (APEL March 1990) by reviewing the literature on exchange rate regimes with reference to the Asian‐Pacific region. After a brief typology of exchange rate regimes, the article discusses the choice between currency system, the relationship between choice of regime and policy objectives, constraints on choice of regimes, the distinction between ‘traded’ and ‘non‐traded’ goods, the ‘booming’ export sector case and finally the relevance of regulatory distortions and the related question of transition from one r