Which among the following is NOT true?

Flexible exchange rate refers to the system in which the rate of exchange for a currency is fixed by the government. According to Gold standard system, gold was taken as the common unit of parity between currencies of different countries, Flexible exchange rate keeps fluctuating according to demand and supply. All of the above

Flexible exchange rate refers to the system in which the rate of exchange for a currency is fixed by the government.

Fixed exchange rate refers to the system in which the rate of exchange for a currency is fixed by the government.