现行 (xiàn xíng) describes laws, rules, or systems that are currently in effect or in force. It differs from 有效 (yǒu xiào 'valid, effective'), which applies to documents or contracts that are legally valid, and from 现有 (xiàn yǒu 'existing'), which simply means something exists now (e.g., resources). 现任 (xiàn rèn) is for people currently holding a position, and 活期 (huó qī) is only for bank accounts.