How do you imagine devaluation works with modern free-floating currencies? The president of the central bank doesn't just announce the new exchange rate, becau

How do you imagine devaluation works with modern free-floating currencies? The president of the central bank doesn't just announce the new exchange rate, because exchange rates are set by markets. To devalue a currency, the central bank sells a lot of it in the market. Where do they get all that currency to sell? Either by selling government bonds in the market and using the proceeds to buy foreign currency, or by printing new units of the currency from thin air and selling that to buy bonds or foreign currency.