Udržitelnost a budoucnost řízeného floatingu v Číně

The purpose of this thesis is to study the Balance of Payments and the Exchange Rate of the People's Republic of China, and it aims to assess whether the current performance of their Managed Floating Exchange Rate is sustainable in the future (given the equilibrium of China's Balance of Payments) and examine what effect would a Free Floating Renminbi Exchange Rate have on the Chinese economy. The work uses the method of compilation - gathering and organizing information on the development of China's External Balance of Payments, renminbi, and foreign exchange reserves. Government, together with the Central Bank initially practiced the Fixed Exchange Rate of the domestic currency against the U.S. dollar. The Stable Exchange Rate regime has been replaced by a system of Managed Floating since the second half of 2005. In this context the work uses the method of comparison -- comparing the situation before the mentioned replacement, and subsequent development. Based on the individual findings, it has become obvious that a significant imbalance in China's equilibrium Balance of Payments continues. Furthermore, the work suggests effects the Free Floating Exchange Rate of renminbi would have on the Chinese economy. The conclusion points out the possible complications of China's currency management that may affect the Chinese economy.