A hard peg differs from a soft peg mainly in that the hard peg holds the rate:

1. The distinction is about strictness rather than direction. 2. A central bank can implement soft peg and hard peg policies. 3. Both make the rate differ from the market outcome. 4. A hard peg policy attempts to preserve a fixed exchange rate. 5. It does so at all times, which is what separates it from a soft peg. _Source: OpenStax Principles of Macroeconomics for AP Courses 2e (CC BY 4.0), Ch 15 'Exchange Rates and International Capital Flows'_