Unit 10 - Balance of payment (Part 2)
Balance of Payments(国际金融香港大学,WONG Ka Fu)2.0.ppt
Fixed Exchange Rate Regime
CB promises to exchange at a rate 1 HD = x FD Suppose CA + KA > 0 net demand for home currency CB supplies home currency and receives foreign currency official reserve increases
19
Floating Exchange Rate Regime
Initially exchange rate at 1 HD = y FD Suppose, still , CA > 0 and KA > 0 implies net demand for home currency implies 1 HD = z FD and z > y i.e., home currency appreciates .......
15
$/apple
Excess demand for apple will drive up the price of apple, i.e., $/apple.
S
Excess demand
D
Apple
16
JPY/HKD
Excess demand for HKD will drive up the price of HKD, i.e., JPY/HKD.
Balance of Payments
WONG Ka Fu 19th January 2000
1
International Transactions
Goods & services
Business English 金融学词汇
Unit 1 Money New Words and expressions:attribute 属性，特性double coincidence of wants 需求的双重巧合acceptability 可接受性engrave 雕刻bronze 青铜amplify 放大，增强division 分工flexibility 灵活性exercise 使用，运用check 支票efficiency 效力saving deposite 储蓄存款purchasing power 购买力yardstick 尺度，标准apportion 分配bill 纸币substitute 代替，替换fluctuation 波动in discharge of 偿清principle 本金Notes1. checking account 支票账户2. saving deposits 储蓄存款3. currency 通货4. medium of exchange 交易媒介5. standard of value 价值尺度6. store of value 价值储藏7. standard of deferred payment 延期支付标准8. travelers check 旅行支票9. demand deposit 活期存款10. treasury bills 短期国债Unit 3 Determination of Interest Rate Movement New words and expressions:adjust 调整macroeconomic control 宏观经济调控monetary policy 货币政策elaborate 详细描述item 项目installment 分期付款inverse 相反的afford 足以，负担得起repayment 偿还，付还outweigh 超过return 汇报favorable 有利的insensitive 不敏感的generate 使发生，产生inflow 流入reward 报酬，奖赏postpone 暂缓，延期corresponding 相当的，对称的intermediary 中介的，中间人Notes1. macroeconomic control 宏观经济调控2. saving and investment theory 储蓄投资理论3. liquidity preference theory 流动行偏好理论4. loanable funds theory 可贷资金理论5. demand for loanable funds 可贷资金的需求6. net present value(NPV) 净现值7. account receivables 应收账款8. supply of loanable funds 可贷资金的供给9. reserves 法定存款准备金10. depository institutions 存款机构Unit 4 Balance of Payments New words and expressios:resident 居民citizenship 公民principle 原则current account 经常账户entry （写进账本的）项目remittance 汇款capital account 资本账户draw on 提取error 错误omission 遗漏subsidiary 所有权owenership 所有权debit 借记credit 贷记render 移交，交出distillery 制酒厂creditorship 债权债务关系asset 资产liability 债务artificially 人为地pension 养老金the rest of something 其他的部分deficit 逆差surplus 顺差outflow 流出Notes1. balance of payments 国际收支平衡表2. double-entry system 复式记账原理3. unilateral transfer 单方面转移4. bookkeeping 簿记5. portfolio investement 投资债券6. convertible currency 可兑换通货Unit 5 Basic Theories of Balance of Payment New words and experssions;elasticity 弹性approach 方法，理论responsive 响应的，做出响应的coefficient （数）系数retard 延迟，阻止，妨碍plot 划，划分due to 因为curve 曲线temporary 暂时的，临时的perverse 相反的，不正当的in the long run 从长期看in the short run 从短期看substitute 代替品alter 改变absorption 吸收output 产出expenditure 支出，花费consist of 由...组成consumption 消费consume 消费exceed 超出，超过，多于dominant 占优势的，有统治权的，支配的focus on 集中premise 前提disequilibrium 失衡determinant 决定因素assumption 假定，设想aggregate 合计的，总计的，集合的。
自考《国际商务英语》课文【中英对照】第17课---国际货币体系与汇率
L17国际货币体系与汇率最早的国际货币体系称作金本位制,在这个体制下各国承诺在受到要求时将其货币由纸币兑换为黄金。
The earliest international monetary system was known as the gold standard under which countries pledged to change their paper currencies into gold when requested to do so.在金本位制下,各国都将其货币价值与黄金挂钩以确立货币金平价,由此,便形成了固定汇率制。
19世纪大部分时间直到第一次世界大战结束主要贸易国家均采用金本位制。
The gold standard created a fixed exchange rate system as each country pegged the value of its currency to gold to establish its par value, for most of the 19th century till the end of the First World War.由于英国当时在经济、政治和军事上的强大,英镑成为国际贸易往来中最重要的货币。
因此便产生了“基于英镑的金本位制”这一说法。
Major trading countries followed this system and the British Pound was the most important currency in international business as a result of the economic, political and military power of the United Kingdom, hence the term sterling-based gold standard.由于第一次世界大战对世界经济产生了很大的压力,以及随之而来的经济大萧条,固定汇率制走到了尽头。
国际贸易实务(英文版)(第二版)(PPT),帅建林,978-7-5663-0314-1
In contrast, portfolio or indirect investments, are chiefly motivated by short- to medium-term profits. They may include equity investments that do not involve an active role in management or bonds and other debt instruments issued by foreign companies and governments. As financial markets around the world become increasingly integrated in recent years, international portfolio investments have become popular with investors as a vehicle of diversification further hastening the process of international financial integration.
Balance of Payment
regarded as nonresidents.
Special status is accorded to government personnel and staff members of
international organizations - Canadian government employees stationed abroad are considered residents of Canada no matter how long their overseas posting, while employees of foreign governments posted to Canada are not regarded as residents.
crew members of ships, aircraft, etc., who do not live in Canada and are here for less than a year.
Canadian citizens residing abroad for a period longer than a year are
Persons are considered residents when their stay in Canada is for a period of one year or more.
This definition excludes visitors, seasonal workers, commuter workers,
The purchase of debt securities across borders is classified as portfolio investment because debt securities by definition do not provide the buyer with ownership or control. Portfolio investment is motivated by a search for returns rather than to control or manage the investment.
学术英语(管理)_Unit 10
Unit 10 Human Resources
• Text A
Being Courageous: The Ultimate Test of HR
─ Critical thinking and reading ─ Language building-up
Unit 10 Human Resources
学术英语管理academicenglishforbusinessunit10humanresources?leadin?texta?textbet?listening?presentationtimeunitcontentsleadincomponentsofhr?recruitment?trainingdevelopmentg?performanceappraisal?rewardspunishment?motivation?promotiondemotiondiscontinuation?compensationbenefits?recordsunit10humanresourcespleadindiscussion?asanemployeewhichcomponentsareyoumostinterestedin
Unit 10 Human Resources
Text A
Critical reading and thinking
Supplementary information – Southwest Airlines: an American airline based in Dallas, Texas. Southwest has been a major inspiration to other low-cost carriers, and its business model has been repeated many times around the world. The competitive strategy combines high level of employee and aircraft productivity with low unit costs by reducing aircraft turnaround time particularly at the gate.
Payment(国际金融国家级课程上海金融学院)
9、我们的市场行为主要的导向因素，第一个是市场需求的导向，第二个是技术进步的导向，第三大导向是竞争对手的行为导向。21.8.1721.8.17Tuesday, August 17, 2021 10、市场销售中最重要的字就是“问”。19:56:1619:56:1619:568/17/2021 7:56:16 PM 11、现今，每个人都在谈论着创意，坦白讲，我害怕我们会假创意之名犯下一切过失。21.8.1719:56:1619:56Aug-2117-Aug-21 12、在购买时，你可以用任何语言；但在销售时，你必须使用购买者的语言。19:56:1619:56:1619:56Tuesday, August 17, 2021 13、He who seize the right moment, is the right man.谁把握机遇，谁就心想事成。21.8.1721.8.1719:56:1619:56:16August 17, 2021 14、市场营销观念：目标市场，顾客需求，协调市场营销，通过满足消费者需求来创造利润。2021年8月17日星期二下午7时56分16秒19:56:1621.8.17 15、我就像一个厨师，喜欢品尝食物。如果不好吃，我就不要它。2021年8月下午7时56分21.8.1719:56August 17, 2021 16、我总是站在顾客的角度看待即将推出的产品或服务，因为我就是顾客。2021年8月17日星期二7时56分16秒19:56:1617 August 2021 17、利人为利已的根基，市场营销上老是为自己着想，而不顾及到他人，他人也不会顾及你。下午7时56分16秒下午7时56分19:56:1621.8.17
年）同其他国家进行经济，政治和文化各方面 往来所发生的外汇收支的总和。 Krugman: a country’s balance of payments is net purchases of foreign assets by the home central bank less net purchases of domestic assets by the foreign central banks.
银行术语英文
银行术语英文account number 帐目编号depositor 存户pay-in slip 存款单a deposit form 存款单a banding machine 自动存取机to deposit 存款deposit receipt 存款收据private deposits 私人存款certificate of deposit 存单deposit book, passbook 存折credit card 信用卡principal 本金overdraft, overdraw 透支to counter sign 双签to endorse 背书endorser 背书人to cash 兑现to honor a cheque 兑付to dishonor a cheque 拒付to suspend payment 止付cheque,check 支票cheque book 支票本order cheque 记名支票bearer cheque 不记名支票crossed cheque 横线支票blank cheque 空白支票rubber cheque 空头支票cheque stub, counterfoil 票根cash cheque 现金支票traveler's cheque 旅行支票cheque for transfer 转帐支票outstanding cheque 未付支票canceled cheque 已付支票forged cheque 伪支票central bank, national bank, banker's bank 中央银行bank of issue, bank of circulation 发行币银行commercial bank 商业银行，储蓄信贷银行member bank, credit bank 储蓄信贷银行discount bank 贴现银行exchange bank 汇兑银行requesting bank 委托开证银行issuing bank, opening bank 开证银行advising bank, notifying bank 通知银行negotiation bank 议付银行confirming bank 保兑银行paying bank 付款银行associate banker of collection 代收银行consigned banker of collection 委托银行clearing bank 清算银行local bank 本地银行domestic bank 国内银行overseas bank 国外银行unincorporated bank 钱庄branch bank 银行分行trustee savings bank 信托储蓄银行trust company 信托公司financial trust 金融信托公司unit trust 信托投资公司trust institution 银行的信托部credit department 银行的信用部self-service bank 无人银行land bank 土地银行construction bank 建设银行industrial and commercial bank 工商银行bank of communications 交通银行mutual savings bank 互助储蓄银行post office savings bank 邮局储蓄银行mortgage bank, building society 抵押银行industrial bank 实业银行home loan bank 家宅贷款银行reserve bank 准备银行chartered bank 特许银行corresponding bank 往来银行merchant bank, accepting bank 承兑银行credit cooperatives 信用社clearing house 票据交换所public accounting 公共会计business accounting 商业会计cost accounting 成本会计depreciation accounting 折旧会计computerized accounting 电脑化会计general ledger 总帐subsidiary ledger 分户帐cash book 现金出纳帐cash account 现金帐journal, day-book 日记帐，流水帐bad debts 坏帐investment 投资surplus 结余idle capital 游资economic cycle 经济周期economic boom 经济繁荣economic recession 经济衰退economic depression 经济萧条economic crisis 经济危机economic recovery 经济复苏inflation 通货膨胀deflation 通货收缩devaluation 货币贬值revaluation 货币增值international balance of payment 国际收支favourable balance 顺差adverse balance 逆差hard currency 硬通货international monetary system 国际货币制度the purchasing power of money 货币购买力money in circulation 货币流通量note issue 纸币发行量national budget 国家预算national gross product 国民生产总值public bond 公债stock, share 股票debenture 债券treasury bill 国库券debt chain 债务链direct exchange 直接（对角）套汇indirect exchange 间接（三角）套汇cross rate, arbitrage rate 套汇汇率foreign currency (exchange) reserve 外汇储备foreign exchange fluctuation 外汇波动foreign exchange crisis 外汇危机discount 贴现discount rate, bank rate 贴现率gold reserve 黄金储备money (financial) market 金融市场stock exchange 股票交易所broker 经纪人commission 佣金bookkeeping 簿记bookkeeper 簿记员an application form 申请单rtreasure bond 国库券leasing 租赁money laundering 洗钱treasure bill 国库券negotiable 可流通的installment 分期付款benchmark 基准利率turnover 成交额outstanding 未付的promissory note 本票unsecured 无担保的prime rate 最优惠利率preference share 优先股ordinary share 普通股warrant 认股权current market value 当期市值option contract 期权合同hedging 套期保值Provident Fund 福利基金beneficiary 受益人collecting bank 代收行code 代号，代码，密码uncleared cheque 未清偿支票invoice 发票credit transfer 信用转帐endorsement 背书bearer 持票人defective title 有瑕疵的所有权down payment 首付款traveller's cheque 旅行支票bearer bonds 不记名债券crossed cheque划线支票countersign 联署paying bank 付款行transferable 可转让holder in due course 正当持票人holder in value 有代价持票人overdue 过期dishonoured cheque 拒付支票repo repurchase agreement 回购协议countermand 取消garnishee order 向第三债务人下达的资产扣押令winding-up 停业清理secured loan 担保贷款overdraft 透支real estate mortgage 房地产抵押chattel mortgage 动产抵押in presence of 提示reimbursement 偿还withholding interest tax 预扣税custodian 保管access 准入automatic teller machine 自动取款机personal identity number 密码.个人识别号passbook 存折insurance broker 保险经纪人hire purchase 租购working capital loan 周转资金start-up loan 创业贷款syndicated loan 辛迪加贷款project financing 项目融资foreign trade financing 对外贸易融资current assets 流动资产accounts receivable 应收帐款agent bank 代理行drawdown period 支用期grace period 宽限期principle 本金tombstone 证券发行公告factoring facilities 保理业务open credit 无担保贷款factor 保理人lessee 承租人lessor 出租人non-resourse 无追索权financial lease 金融租赁operating lease 经营租赁full payout lease 支付租赁true lease 真实租赁conditional lease 条件租赁leverage lease 杠杆租赁electronic date interchange services 电子数据交换服务retail bank 商业零售银行private bank 私人银行merchant bank 商人银行risk preference 风险偏好risk taking investor 甘冒风险的投资者risk aversion investor 逃避风险的投资者macroeconomic oriented 以宏观经济为导向的equities origination 股票发行venture capital financing 风险资本融资the spread 价差interest rate swap 利率互换leverage buyout 杠杆收购junk bond 垃圾债券red chips 红筹股"h" shares H股trustee 受托人collection 托收production combination 生产联合production cost 生产成本comparative advantage 相对优势middle agent 中间代理eliminate exchange risk 消除外汇风险shipping insurance 海险guarantee 担保performance bond 履约保证import credit 进口信贷dividends 分红money transfer 转帐bank draft 银行汇票mail transfer 信汇telegraphic transfer 电汇test key测试密钥telex 电报standardized format 标准格式clearing house 结算所computer code 电脑代码additional cost 附加成本foreign exchange rate 外汇汇率swing 浮动spot rate 现汇汇率market rate 市场汇率cross rate 交叉汇率forward exchange contract 远期外汇合同currency future contract 货币期货合同quotation 报价单rolling forex 展期外汇option on foreign exchange 外汇期权strike price 执行价格expiry date 到期日call option 多头期头put option 空头期权foreign exchange hedge 外汇套期保值foreign exchange swap 外汇掉期superannuation 养老基金pension funds 退休基金brokerage fee 经纪人佣金optimum profit 最高收益canon 标准illegal activities 非法行为speculative purpose 投机目的repayment schedule 还款安排balance sheet 资产负债表income statement 利润表long-term loan 长期贷款country-risk 国别风险quantitative yardstick 定量的评判标准credit risk 信用风险risk assessment 风险评估margin 保证金legal authority 法定权力memorandum and articles of association 公司章程cushion of assets 资产缓冲safe title 所有权credit reference agency 信用查询机构credit standing 信用状况consumer loan 消费信贷bonus 奖金gratuity 退休金track record 工作履历minor's account 未成年人帐户sole proprietors 独资企业private limited company 私人有限公司public limited company 公共有限公司inter-bank lending /borrowing 同业拆借the inter-bank money market 同业拆借市场local currency 本国货币marginal cost 边际成本inter-bank rate 同业拆借利率contingency payout 意外支出natural disaster 自然灾害legal status 法定地位documentary credit 跟单信用证documentary collection 跟单托收export credit insurance 出口信贷保险shipment policy 装运保险单issuing bank 开证行advising bank 通知行confirming bank 保兑行applicant 开证申请人irrevocable documentary letter of credit 不可撤消信用证reimbursing bank 偿付行negotiating bank 议付行verification 证实confirmed credit 保兑信用证payment in advance 预付贷款remitting bank 托收行collecting bank 代收行sight bill 即期汇票term bill 远期汇票clean collection 光票托收bill of lading 提单certificate of originairway bill 航空联运certificate of inspection 检验证明insurance policy certificate 保单证明open account 赊销premium 保险费第十六章特殊类型的借款者-商业部门stockbroking 股票经纪going concern 持续经营net profit 净收益audited accounts 经过审计的帐户registration certificate 注册证明inheritance 遗产tangible security 有形担保intangible personal guarantee 无形个人担保deed 契约dormant partner 不参与经营的合伙人limited partner 有限责任合伙人aggressive management 扩张性管理defensive management 保守性管理gearing 举债经营prior charge 优先偿付债券charges on assets 以资产抵押fixed charge 固定抵押floating charge 浮动抵押overtrading 超资力经营life policy 人寿保险depreciation 折旧indemnity 赔偿legal mortgage 法定抵押leasehold mortgage 衡平法抵押surrender value 租赁财产抵押stocks and shares 股票和证券unquoted shares 非挂牌｛上市｝股票cross-guarantee 交叉担保under influence 不正当影响misrepresentation 与事实不符合的陈述debenture 债券run down 削减acknowledgement 确认tangible assets 有形资产intangible assets 无形资产copy right 版权goodwill 商誉net worth 资产净值cash flow 现金流量current ratio 流动比率quick ratio 速动比率quality of assets 资产质量investment strategy 投资策略trend analysis 趋势分析debt to equity ratio 债务产权率debt service ratio 还本付息比；偿债比率amortization 摊销receivable turnover 应收帐款inventory turnover存货周转write off 注销recession （经济）衰退social unrest 社会动荡uncleared funds 未清算资金credit limit 信贷限额bad debt 坏帐loan restructuring 贷款重新安排recovery 追陪offsetting 补偿legal proceeding 诉讼litigation solicitor诉讼律师Baby bond 小额股票Background 背景background investigation 背景调查background material 背景材料Bad 坏的bad account 坏帐，呆帐bad debt loss 坏帐损失bad debt recovey 呆坏帐收回bad title 失效产权Balance 余额，结余，差额，平衡adverse balance 收支逆差balance budget 平衡预算balance of international trade 国际贸易差额balance of payment 国际收支balance sheet 资产负债表balance sheet audit 资产负债表审计balance sheet classification 资产负债表分类balance sheet evaluation 资产负债表评价closing balance 期末差额credit balance 贷方余额foreign currency balance 外汇余额keep balance 保持平衡loss balance 失去平衡negative balance 逆差retained balance from foreign exchange revenue 外汇收入留成余额summary balance sheet 资产负债汇总表Bank 银行all-purpose bank 通用银行bank account balance 银行存款余额bank balance sheet 银行财务状况表bank credit 银行信贷bank debt 银行债务bank discount rate 银行贴现率bank holding company 银行控股公司bank interest 银行利息bank line 银行信用额度bank loan 银行借款bank rate 银行贴现率bank reserve 银行准备金bank’s buying rate 银行买价bank’s call loan 银行同行拆借bank’s selling rate 银行卖价clearing bank 清算银行commercial bank 商业银行cooperative bank 合作银行mortgage bank 抵押银行Banking 金融，银行业banking institution 金融机构Banking Law 银行法banking sector 银行部门Bankrupt 破产bankrupt’s assets 破产者的财产Bankruptcy 破产act of bankruptcy 破产法案arrangement in bankruptcy court 迫产法庭调解bankruptcy administrator 破产管理人bankruptcy amendment act 破产修正案bankruptcy court 破产法院bankruptcy debtor 破产债务人bankruptcy judge 破产判决bankruptcy law 破产法bankruptcy notice 破产公告bankruptcy ordinance 破产条例bankruptcy petition 要求宣布破产bankruptcy proceedings 破产程序bankruptcy rules 破产规定bankruptcy trustee 破产受托人declaration of bankruptcy 宣布破产Bargain 议价，讨价还价Basic 基本的，基础basic account 基本帐户basic accounting unit 基本核算单位Bear 空头，卖空bear account 空头帐户bear market 熊市，淡市bear transaction 空头交易Beat 还价，杀价Below par 低于票面价值Benchmark 基准Benefit 利益，受益，福利，津贴benefit country 受惠国benefit fund for employees 职工福利基金benefit program 福利计划Benefited 受益的benefited party 受益方Benevolent fund 慈善基金Beta 贝塔（与股票相关的）系数beta risk measurement 贝塔风险系数测定Bid 投标，报价，出价bid bond 投标押金bid opening date 开标日期bid price 买方出价call for bid 招标invite bid 招标Bidder 投标人，投标商Bidding 投标，出价bidding documents 标书Big Board 指美国纽约股票交易所Big Six 指美国六大会计事务所Big Three 指美国三大汽车公司Bilateral 双边的bilateral agreement 双边协议bilateral loans 双边贷款bilateral trade 双边贸易Bill 票据，帐单，发票，钞票bill receivable account 应收票据帐户treasury bill 国库债券Black 黑色的，黑市的blank market price 黑市价格black market transaction 黑市交易Blank 空白的blank check 空白支票Blanket 一揽子的blanket insurance 统括保险blanket mortgage 一揽子抵押Blue chip 兰筹股Blue-chip share 头等股票Blue-chip stock 热门股票Blue-collar worker 兰领工人Blue-sky law 兰天法（防欺诈凭空发行股票的法律）Board 董事会，委员会，理事会board chairman 董事长board meeting 董事会议board of administration 董事会，理事会board of arbitration 仲裁委员会board of audit 审计委员会board of directors 董事会，理事会board of executive director 执行董事会，执行委员会board of manager’s 理事，董事board of supervisors 监事会board of trustees 受托委员会Bond 债券，证券，公债bond broker 债券经纪人bond creditor 债券债权人bond discount 债券折价bond issue 债券发行bond market 债券市场bond premium 债券溢价bond rating agency 债券评级机构bond yield 债券收益callable bond 通知偿还债券convertible bond 可转换债券government bond 政府债券junk bond 拉圾债券listed bond 挂牌债券，上市证券mortgage bond 抵押债券municipal bond 市政债券preference bond 优先债券，优先股registered bond 记名债券treasury bond 国库债券unlisted bond 未挂牌债券，未上市证券Bonded 保税的，有抵押的bonded area 保税区bonded factory 保税工厂bonded goods 保税货物bonded warehouse 保税仓库Bonus 奖金，红利，津贴bonus issue 发放红利股bonus-percentage of profit 利润率分红bonus share 分红股，红利股Book 书籍，帐簿，记帐，定票，订货book depreciation 帐面折旧book-entry securities 记帐证券book inventory 帐面库存book of account 帐簿book profit 帐面利润book value per share 每股帐面价值Boom 繁荣，景气Borrow 借入borrow money on credit 信用借款Borrowed 借入的borrowed capital 借入资本borrowed funds 借入资金borrowed reserve 借入准备金Borrowing 借款，借用本文来源百度搜索，如有侵权联系删除。
外贸英语口语对话Unit10：Ontermsofpayment2在支付条款
Unit 10 On terms of payment 2 在⽀付条款After the finished talking of questions about the price,Mr Blag is going to talk about payment term with Mr Wang from our trade company.S:I am glad we are likely to conclude the first transaction with you soon.We settled all the questions aboutpacking,insurance,packing and shipment.Now,how about your terms of payment?W:As you've seen from specially contract,we requires payment by confirmed irrevocable LC against the presentation of shipping documents.S:I am sorry to hear that you insist on the terms by LC.Could you make an exception in our case like that DP or DA.W:I am afraid not.It is our usual practice to use that payment by LC only.S:Frankly,the letter of credit will raise the cost of my imports.When I open the letter of credit with bank,I have to pay margin.That will not only take my money,but also increase my cost.W:Oh,I cannot be of any help in this aspect.You'd better consult your bank,and ask them to reduce the required margin as minimum.S:Still be bank charges in faxing to banks in opening LC.It would help me greatly if you could accept DP or DA instead,you can join on me as if there is an letter of credit.It makes no great difference to you,but it will certainly does to me.W:Well,I see your point.But your doclet aware that irrevocable LC give us additional protection of bank's guarantee.That's why we always require LC for our exports.That's the usual practice in documents internationally.S:But I heard you would accept different kind of payment as China has a doc open policy and you are following international policys.W:Quite right.But that all depends on the specific circumstances.S:As this is the first transaction concluded.and the time with the world competition is rather keen,I would suggest that you would use more valuable terms,that would promote the trade between countries.What about DA?W:Sorry,it cannot be done.Payment by LC is our usual practice in business with all customers for suchcommodities,especially with our new customers.If we can make an exception here.we cannot know where tostop.Besides,our price is very competitive and I don't think you will have any difficulties in sales.S:Is DP acceptable for you?W:Perhaps we shall whether we can do DP terms.After we have done more business together.For the moment,I am afraid we much insist our usual payment terms.S:If in that that,I have no alternative but to accept your terms of payment.By the way,when must I have open the LC in one of goods to be delivered before Christmas season.As you know,Christmas is the selling season at our end.W:A month before date of shipment,as mentioned in our sales contract,S:could you possibly allow one earlier shipment as I expect one goods well before Christmas starts.W:Getting in the goods ready,packing the documents and packing shipping space,all this takes time,you know.You can not expect us make an shipment in less than a month.S:Alright.I will help LC open by fax as soon as I get home.W:When will that be?S:Early next week.Meanwhile,please get everything ready in and transfer these goods immediately after you get my LC. W:You may rest your shirt for that.We will pack your order and require for the shipment space right away.So,the shipment can be affected in two or three weeks after receiving your LC.S:That would be fine.Thank you very much for your cooperation.W:I am glad to be of help.The earlier we get your LC,the sooner shipment can be made.We will let you know as soon as the goods are shipped.S:Thank you.I am looking forward to your shipping advice by fax.W:Sure,I will send it by fax.:Goodbye and thank you for coming.S:Bye.S:Ah,Mr Yang.Sit down,won't you?Scar?Y:Thank you,I believe I will.BOk.I am glad to say that we have settled the price,quality,quantity of the transaction.And what about the terms of payment? Y:We only accept payment by confirmed,irrevocable letter of credit,available against presentation of shipping documents. S:But I heard you would accept different kinds of payment,such as DA and DP.Y:Quite right.But that all depend on circumstances.S:As this is the first transaction,I would suggest that you could give us more favorable term.What about DA?Y:Sorry,it can not be done.Payment is our usual practice by all customers for such commodities,especially with our new customers.As a matter of fact,LC protects the seller as well as the buyer.S:Then,is DP acceptable for you?Y:Perhaps we shall consider it after we have more business together.But so far,we haven't known much about credit status each other.So,I am afraid we must insist our usual form.S:To tell you frankly,the letter of credit will add my cost of imports.In opening the letter of credit with the bank,I have to pay the deposit,that will tight up my funds.Y:You might consult to bank to see if they can reduce the require deposit to minimum.S:Also,there will be certainly bank charges.It would help me greatly if you could accept DA or DP.You can join on me just as if there were letter of credit.To you,it makes no difference.But to me,it does.Y:Well,Mr Sinclare.You must be aware that the irrevocable letter of credit gives the export additional protection of the banker's guarantee.We always requires LC for all exports.And the other way around,we pay by LC for our imports.S:To meet each other health way,what do you say for fifty percent by LC and balance by DP?Y:I am awfully sorry,Mr Sinclare.But I am cannot promise even that.As have said,we usually require the payment byLC,however,to get around your difficulties,I suggest you reduce your order by half,we can send in a additional order later. S:Well,I will think it over.By the way,when must I open the LC,if I want to get goods to be delivered in June.Y:A month before shipment.S:Could you possibly affect shipment earlier?Y:Getting the goods ready,making all the documents,booking the shipping space,all these takes time you know.You cannot expect us make the delivery in less than a month.S:Very well.Mr yang.I should not reduce my order.I will take the full quantity you offer and arrange the LC as soon as I get home.Y:When will that be?S:Early next week.In the meantime,I shall be pleased if you could get everything ready.I hope these goods can be dispatched immediately after you get the LC.Y:You may be assure of that.We will book the order and require the shipping space right away,so that the shipment can be affected within two or three weeks after receipt of your LC.S:That will be fine.I appreciate your cooperation.Y:The sooner we get your LC,the sooner shipment can be affected.S:Thank you very much.Mr Yang.Y:I am glad to be of help.。
Ch1 Balance of Payment
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BOP Accounting
• Double-entry bookkeeping: every recorded transaction is represented by two entries with equal values. One of these entries is designated a credit with a positive arithmetic sign; the other is designated a debit with a negative sign. a. Currency inflows = credits (earn foreign exchange) b. Currency outflows = debits (expend foreign exchange) • In principle, the sum of all credit entries is identical to the sum of all debit entries, and the net balance of all entries in the statement is zero. • In practice, however, the accounts frequently do not balance.
Define Residents
♠
An institutional unit has a center of economic interest and is a resident unit of a country when, from some location (dwelling, place of production, or other premises) within the economic territory of the country, the unit engages and intends to continue engaging (indefinitely or for a finite period) in economic activities and transactions on a significant scale. (One year or more may be used as a guideline but not as an inflexible rule.) The sectors of an economy are composed of two main types of institutional units: (i) households and individuals who make up a household and (ii) legal and social entities, such as corporations and quasi-corporations (e.g., branches of foreign direct investors), nonprofit institutions, and the government of that economy.
外贸必须英文单词
报价单词汇MODEL 型号QTY(quantity)数量PCS(pieces)个数CTNS(carton)纸箱数MEAN 平均的mean time平均时G.M.T Greenwich mean time格林尼治标准时间NWKGS(net weight kilograms)净重（公斤）GWKGS(general weight kilograms)毛重（公斤）PCS/CTNS(pieces per carton)个数/箱CBS is short for cubic meterMake a sum-up on the business transaction with your company between…time…Please countersign by return, I want to make a summary of what I have done and what I want to do. I want to summarize what I have done and what I have to do.Vocabulary of Proforma Invoice(形式发票)B/L（提单）is short for bill of lading.Consignee on B/L(收货人)，Notify party on B/L(收货人代理)Consignor,Unit priceThe PI is valid for 15 days.The seller provides 2% spare parts replace the seller’s warrantyPort of shipment: Xingang, Tianjin.Port of discharge: Montevideo, UruguayTerms of delivery (运输方式):FOB Xinggang, free on board, Tianjin.CFR, cost and freight, the buyer is obliged to insure the freight of the shipments.CIF is short for cost, insurance and freight. In addition to cost and freight of CFR, the seller is obliged to pay the insurance of the freight of goods.EXW, EX Work Baoding, (工厂交货), the seller makes the goods available at his premises. The buyer is responsible for all the charges. This might be the easiest to administer, however may not in the seller’s best interest. There is no control ove r the final destination of goods. The vehicle arriving to take delivery of the seller’s goods under EXW may not be suitable for carriage. Consignee means the person entitled to take delivery of goods.British justice works on the premise that an accused person is innocent until he's proved guilty.DAF is short for delivered at frontier, (边境交货), the term can be used when goods are transported by rail or road. The seller pays for the transportation to the named place of delivery at the frontier. The buyer arranges for the customs clearance and pays for the transportation from the frontier to his factory. The passing of frontier occurs at the frontier.Terms of payment（付费方式）Collection（托收: D/PRemittance（汇付）: T/TLetter of credit（信用证）: D/D, Time Draftdraft(远期汇票) and sight or demand, bill or draft（即期汇票）This kind of letter of credit is also short for D/D.T/T(电汇) is short for telegraphic transfer.30% T/T paid in advance, and the 70% of the balance should be paid before the shipment. D/P(付款交单) is short for Document against payment, it is divided into D/P sight （即期付款交单）and D/P after sight or date（远期付款交单）. It is an arrangement under documentary collecting in which an exporter instructs the presenting bank (提示银行), advising bank,to hand over shipping and title documents to the importer only if the importer fully pays the accompanying bill of exchange or bill.Open account(赊购)。
房屋买卖合同(英文版)6篇
房屋买卖合同（英文版）6篇篇1HOUSE SALE AND PURCHASE AGREEMENTSeller:Name: ________________________Address: ________________________Buyer:Name: ________________________Address: ________________________Agreement Date: ________________This agreement is made between the Seller and the Buyer for the sale and purchase of a property located at________________________ (hereinafter referred to as "the Property").1. Property Description:The Property is described as follows:- Address: ________________________- City/Town: ________________________- State/Province: ________________________- Zip/Postal Code: ________________________- Lot/Plot No.: ________________________ (if applicable)- Unit No., Apartment No., Floor No., etc.:________________________ (if applicable)- Size of land and building(s): ______________ square meters/square feet, with attached amenities, including ________.- Other details of the property such as surrounding amenities, fixtures, and fittings are specified in the sales brochure/marketing materials/previous agreements and are hereby confirmed by both parties.2. Purchase Price:The agreed purchase price for the Property is $____________ (USD). The amount shall be paid in full as per the terms stated below.3. Terms of Payment:a) A deposit of $____________ (USD) shall be paid by the Buyer to the Seller upon signing this Agreement.b) The balance of $____________ (USD) shall be paid on____________ (closing date) upon successful completion of property transfer procedures.c) All applicable transfer taxes and other costs related to the transfer shall be borne by the Buyer unless otherwise agreed.d) Details of any mortgage or financing arrangement, if applicable, are specified below: ________________________ .e) The payment schedule and terms are binding on both parties. Failure to adhere to the payment schedule may result in legal action and/or termination of this Agreement.4. Property Transfer:The Seller agrees to transfer ownership of the Property to the Buyer on the closing date specified in this Agreement. The Seller shall ensure that all necessary documents for property ownership transfer are provided and signed over to the Buyer on the closing date.5. Possession of Property:Unless otherwise agreed, the Seller shall ensure that possession of the Property is handed over to the Buyer on or before the closing date.6. Warranty and Condition of Property:The Seller guarantees that the Property is free from all legal claims and disputes and is being sold in its current condition. Any latent defects or issues with the Property shall be disclosed by the Seller prior to signing this Agreement.7. Disclosures and Disclosure Statement:The Seller shall provide a disclosure statement, disclosing all known defects or issues with the Property and any other information relevant to the sale. The Buyer shall thoroughly review this statement prior to signing this Agreement.8. Default in Contract Performance:In case of any default by either party in fulfilling the terms of this Agreement, the other party shall have the right to claim damages or seek legal remedies available under law.9. Law and Jurisdiction:This Agreement shall be governed by the laws of theState/Province where the Property is located, and any disputesarising out of this Agreement shall be subject to the jurisdiction of courts in that State/Province.10. Miscellaneous:a) This Agreement may not be modified or altered unless both parties agree in writing.b) Any additional terms and conditions agreed between the parties shall be documented in writing and made a part of this Agreement.c) This Agreement constitutes the entire understanding between the parties and no prior understanding or representations not specified herein shall be binding on either party.d) Failure by either party to exercise any right or remedy shall not constitute a waiver of any other rights or remedies available under this Agreement or otherwise under law.e) If any term of this Agreement is held invalid or unenforceable by a court of law, such invalidity or unenforceability shall not affect any other term or provision of this Agreement, which shall remain in full force and effect.f) This Agreement is made in duplicate originals, each party receiving an equal number of originals for their records.g) The original English version of this Agreement shall be deemed as authentic, and any translation provided for reference only.h) Both parties have read and fully understand this Agreement and agree to be bound by its terms.Seller Signature: ________________________Date: ________________________Buyer Signature: ________________________Date: ________________________Witness Signature (if applicable): ________________________篇2HOUSE PURCHASE AND SALE CONTRACTParty A: BuyerParty B: SellerI. Contract Background and PurposeThis contract is entered into by Party A and Party B for the purpose of buying and selling a house. The parties hereby agree to the following terms and conditions to ensure fair and equitable transactions.II. Property DescriptionThe property is located at [Address]. The house is in good condition, and all details, including its structure, size, amenities, and any other relevant information, are listed in the attached document.III. Contract Price and Payment Terms1. The total contract price for the property is [Price] USD.2. Payment terms: The buyer shall make an initial deposit of [Deposit Amount] USD upon signing this contract. The balance shall be paid in full upon completion of the property transfer and registration of the buyer's name in the property ownership certificate.3. All payments shall be made through bank transfers to the seller's designated account.IV. Property Ownership Transfer1. Upon full payment of the contract price, the seller shall transfer ownership of the property to the buyer.2. The seller shall ensure that there are no legal disputes or encumbrances on the property that could affect its ownership transfer or usage by the buyer.V. Closing Date and Conditions1. The closing date for this contract shall be [Closing Date].2. The sale shall be subject to customary conditions such as receiving necessary approval from governmental authorities, clearance of title, and completion of all paperwork required for property ownership transfer.VI. Representations and WarrantiesThe seller represents and warrants that:1. The property is owned by the seller in full and free of any legal disputes or encumbrances.2. All necessary documents pertaining to the property are genuine and accurate.3. The seller has the legal authority to sell the property and transfer ownership to the buyer.VII. Liabilities and Indemnification1. If the seller breaches this contract, the buyer shall have the right to terminate the contract and claim damages.2. The buyer shall indemnify the seller against any losses arising from the buyer's breach of contract or improper use of the property.VIII. Force MajeureIn case of force majeure events such as natural disasters, acts of war, government restrictions, or other unforeseeable circumstances, either party may suspend or terminate this contract without liability.IX. Miscellanea1. This contract is governed by the laws of [Country/State].2. Any disputes arising from this contract shall be resolved through negotiation or through legal means in [Country/State].3. This contract is binding upon both parties and their legal representatives.4. This contract is in duplicate, with each party holding one copy.5. Any amendments to this contract must be made in writing and signed by both parties.6. This contract becomes effective upon signature by both parties and shall remain valid until fully performed or terminated as per its terms.SIGNED BY:Party A: _____________________ (Signature)Date: _________________Party B: _____________________ (Signature)Date: _________________Witness: _____________________ (Signature)Date: __________________(Note: A witness is not required if both parties are present at the time of signing)_(End of Contract)篇3HOUSE PURCHASE AND SALE CONTRACTParty A: BuyerParty B: SellerIn accordance with the Contract Law of the People’s Republic of China and other relevant laws and regulations, Party A and Party B, upon friendly consultation and mutual equality, agree to purchase and sell a house through this contract.Article 1: Contract ObjectiveThe parties agree to purchase and sell the house located at [address] (hereinafter referred to as the “Property”) in accordance with the terms and conditions stipulated in this Contract.Article 2: Property Information1. Property Address: [address]2. Property Type: [type]3. Property Area: [area] square meters4. Ownership Certificate Number: [certificate number]5. Land Use Right Certificate Number: [certificate number]Article 3: Transaction Price and Payment Method1. The transaction price of the Property is ____ RMB (including/excluding tax).2. Payment method: The Buyer shall pay the Seller the total amount of ____ RMB on ____.Article 4: Terms of DeliveryThe Seller shall deliver the Property to the Buyer on ____ and ensure that the Property is free from any encumbrances or disputes.Article 5: Rights and Obligations of the Parties1. Party A shall pay the purchase price in accordance with Article 3.2. Party B shall ensure that the Property is legitimate and ensure that it is delivered to Party A on time.3. Both parties shall perform their respective obligations in a timely and honest manner, and assist each other in handling related procedures.Article 6:违约责任(违约责任in English)In case of any breach of contract by either party, the other party shall be entitled to claim compensation for all losses incurred due to such breach.Article 7: Contract Amendment and TerminationThis Contract cannot be unilaterally amended or terminated by any party without the consent of both parties. Any amendment or termination shall be made in writing and signed by both parties.Article 8: Settlement of DisputesAny dispute arising from or in connection with this Contract shall be settled firstly through friendly consultation between the parties. If no settlement can be reached, either party may submit the dispute to the court with jurisdiction over the Property location for resolution.Article 9: MiscellaneousThis Contract is made in duplicate, with both parties holding one copy each. This Contract becomes effective upon signature by both parties.Party A (Buyer): _________________________ Date: _________ Signature: _________________________ ID No./Company Registration No.: _________________________ Contact Information:_________ Email: _________ Phone No.: _________ Address:_________ Bank Account Information (if applicable): _________ Bank Name: _________ Account No.: _________Party B (Seller): _________________________ Date: _________ Signature: _________________________ ID No./Company Registration No.: _________________________ Contact Information: _________ Email: _________ Phone No.: _________ Address:_________ Bank Account Information (if applicable): _________ Bank Name: _________ Account No.: _________(Note: This is a template contract and should be used as a reference only. It is recommended to consult a professional legal advisor before signing any contract.)--- End of House Purchase and Sale Contract ---篇4HOUSE SALE AND PURCHASE CONTRACTThis House Sale and Purchase Contract ("Contract") is made and entered into on [Date] by and between [Seller's Full Name] (hereinafter referred to as the "Seller") and [Buyer's Full Name] (hereinafter referred to as the "Buyer").1. Property DescriptionThe Seller agrees to sell and the Buyer agrees to purchase the property located at [Address] (hereinafter referred to as the "Property"). The Property comprises of [describe the property in detail including its structure, land area, amenities, etc.].2. Property OwnershipThe Seller is the sole owner of the Property and is duly authorized to transfer ownership of the Property to the Buyer. The Seller guarantees that there are no third-party interests or encumbrances on the Property that would impede its transfer to the Buyer.3. Price and Payment TermsThe total purchase price for the Property is [Purchase Price] in United States currency. The Buyer shall pay the Purchase Price in full by [Payment Deadline]. The Seller shall provide a receipt for such payment.4. Transaction ConditionsThe transfer of ownership of the Property shall be subject to the following conditions:a) The Property shall be sold as is, without any warranty on its condition or defects, except for any latent defects that are disclosed in writing by the Seller.b) The Seller shall provide all necessary documents to prove ownership and ensure smooth transfer of ownership to the Buyer.c) The Buyer shall conduct any inspections of the Property as necessary prior to purchase. Any defects identified during these inspections must be disclosed by the Seller and agreed in writing by both parties before closing the sale.d) All outstanding debts, taxes, and other financial obligations related to the Property shall be paid by the Seller prior to the transfer of ownership.e) The Seller shall ensure that all applicable transfer taxes and fees are paid during the course of this transaction.5. Closing DateThe closing date for this sale shall be no later than [Closing Date]. Both parties shall meet at the closing to execute all necessary documents for the transfer of ownership of the Property.6. Warranty and RepresentationsThe Seller represents and warrants that:a) The Property is free from any legal action or litigation that could affect its ownership or transfer.b) All information provided by the Seller regarding the Property is true and accurate. Any misrepresentation or omission of fact by the Seller may constitute a breach of this Contract.7. DefaultIf any party fails to perform any obligation under this Contract, the other party may terminate this Contract and seek legal remedies for any losses incurred due to such default.8. Governing LawThis Contract shall be governed by and interpreted in accordance with the laws of [Country/State]. Any disputes arising out of or in connection with this Contract shall be resolved through binding arbitration or in accordance with the judicial procedures of [Country/State].9. Miscellaneousa) This Contract constitutes the entire agreement between the parties for the sale of the Property and no modifications shall be made unless agreed in writing by both parties.b) Any amendments or modifications to this Contract must be made in writing and signed by both parties.c) Failure by any party to exercise any right or remedy under this Contract shall not be a waiver of any other rights or remedies available to them.d) This Contract shall be binding on both parties and their respective heirs, representatives, and assigns.In witness whereof, the parties have executed this Contract on the date stated above.Seller: _____________________ Date: ________________Buyer: _____________________ Date: ________________Signature Block (if applicable):(Signature) (Date) (Seller's Name) (Buyer's Name) (Witness Signature if applicable) (Witness Date if applicable) (Witness Name if applicable) Please note that this contract should be printed on legal size paper for proper formatting. 无论您的具体需求是什么，请在签署任何合同之前寻求专业法律咨询以确保您的权益得到充分保护。
Unit 10. Money2北师大版
REVIEWING Unit 10 MoneyPart I 词汇复习I．Major points （重点语言点）1. There are certainly no signs that Charles was a rich man!sign (L1)(1) 迹象There are signs that his health is picking up.他的身体没有恢复的迹象。
There are signs that the sales are increasing slightly.销售有缓慢增长的迹象。
She shows no sign of being interested.她没有表现出感兴趣的迹象。
There wasn’t a sign of life on that planet.在那个星球上没有生命迹象。
(2) 手势She gave us a sign to leave the room.她给了我们一个离开那间房间的手势。
(3) 路标You’ll see a traffic sign. That’s where you should make a left turn.你会看到一个交通标志。
在那儿你应该左转。
Please pay attention to the traffic signs.请注意路标！A no smoking sign 一个禁止吸烟的标志(4) 符号Mathematical signs 数学符号I cannot work out what those signs mean. They are so strange.我不知道这些符号是什么意思，它们太奇怪了！2. He made the choice to give all his money away.give away (L1)(1) to give sth. to someone 赠送She gave away all her money to the poor.她把她所有的钱都给了穷人。
Chapter_1__The_Balance_of_Payment
Ⅱ
Slide 1-5
National accounts
国民经济 账户
Result
reflected in a prominent role
Slide 1-6
Balance of payments
国际收支 平衡表
Exchange rate
1.1 Double-Entry Accounting
U.S. credit transaction (+)
Merchandise exports 商品出口 Transportation and travel receipts 运输及旅游收入 Income received from investments abroad 海外投 资所获得的收入 Gifts received from foreign residents外国居民捐赠 Aid received from foreign governments 外国政府 援助 Investments in the United States by overseas residents外国居民在美国的投资
Payment to foreigners
Debit transaction (-) 借方交易
国际收支平衡表中所用记账方法是国际上通行的 借贷复式记账法 ，每一笔国际经济交易都要以同 一数额出现两次，一次在借方，一次在贷方
Slide 1-21
Business School
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IMF(International Monetary Fund) WTO(World Trade Organization ) BIS(Bank for International Settlements) OECD(Organization for Economic Co-operation and Development ) EU(European Union)
国际财务管理课后习题答案chapter 3
CHAPTER 3 BALANCE OF PAYMENTSSUGGESTED ANSWERS AND SOLUTIONS TO END-OF-CHAPTERQUESTIONS AND PROBLEMSQUESTIONS1. Define the balance of payments.Answer: The balance of payments (BOP) can be defined as the statistical record of a country’s international transactions over a certain period of time presented in the form of double-entry bookkeeping.2. Why would it be useful to examine a country’s balance of payments data?Answer: It would be useful to examine a country’s BOP for at least two reaso ns. First, BOP provides detailed information about the supply and demand of the country’s currency. Second, BOP data can be used to evaluate the performance of the country in international economic competition. For example, if a country is experiencing per ennial BOP deficits, it may signal that the country’s industries lack competitiveness.3. The United States has experienced continuous current account deficits since the early 1980s. What do you think are the main causes for the deficits? What would be the consequences of continuous U.S. current account deficits?Answer: The current account deficits of U.S. may have reflected a few reasons such as (I) a historically high real interest rate in the U.S., which is due to ballooning federal budget deficits, that kept the dollar strong, and (ii) weak competitiveness of the U.S. industries.4. In contrast to the U.S., Japan has realized continuous current account surpluses. What could be the main causes for these surpluses? Is it desirable to have continuous current account surpluses?Answer: Japan’s continuous current account surpluses may have reflected a weak yen and high competitiveness of Japanese industries. Massive capital exports by Japan prevented yen from appreciating more than it did. At the same time, foreigners’ exports to Japan were hampered by closed nature of Japanese markets. Continuous current account surpluses disrupt free trade by promoting protectionistsentiment in the deficit country. It is not desirable especially when it is brought about by the mercantilist policies.5. Comment on the following statement: “Since the U.S. imports more than it exports, it is necessary for the U.S. to import capital from foreign countries to finance its current account deficits.”Answer: The statement presupposes that the U.S. current account deficit causes its capital account surplus. In reality, the causality may be running in the opposite direction: U.S. capital account surplus may cause the country’s current account deficit. Suppose foreigners fin d the U.S. a great place to invest and send their capital to the U.S., resulting in U.S. capital account surplus. This capital inflow will strengthen the dollar, hurting the U.S. export and encouraging imports from foreign countries, causing current account deficits.6. Explain how a country can run an overall balance of payments deficit or surplus.Answer: A country can run an overall BOP deficit or surplus by engaging in the official reserve transactions. For example, an overall BOP deficit can be su pported by drawing down the central bank’s reserve holdings. Likewise, an overall BOP surplus can be absorbed by adding to the central bank’s reserve holdings.7. Explain official reserve assets and its major components.Answer: Official reserve assets are those financial assets that can be used as international means of payments. Currently, official reserve assets comprise: (I) gold, (ii) foreign exchanges, (iii) special drawing rights (SDRs), and (iv) reserve positions with the IMF. Foreign exchanges are by far the most important official reserves.8. Explain how to compute the overall balance and discuss its significance.Answer: The overall BOP is determined by computing the cumulative balance of payments including the current account, capital account, and the statistical discrepancies. The overall BOP is significant because it indicates a country’s international payment gap that must be financed by the government’s official reserve transactions.9. Since the early 1980s, foreign portfolio investors have purchased a significant portion of U.S. treasury bond issues. Discuss the short-term and long-term effects of foreigners’ portfolio investment on the U.S. balance of payments.Answer: As foreigners purchase U.S. Treasury bonds, U.S. BOP will improve in the short run. But in the long run, U.S. BOP may deteriorate because the U.S. should pay interests and principals to foreigners. If foreign funds are used productively and contributes to the competitiveness of U.S. industries, however, U.S. BOP may improve in the long run.10. Describe the balance of payments identity and discuss its implications under the fixed and flexible exchange rate regimes.Answer: The balance of payments identity holds that the combined balance on the current and capital accounts should be equal in size, but opposite in sign, to the change in the official reserves: BCA + BKA = -BRA. Under the pure flexible exchange rate regime, central banks do not engage in official reserve transactions. Thus, the overall balance must balance, i.e., BCA = -BKA. Under the fixed exchange rate regime, however, a country can have an overall BOP surplus or deficit as the central bank will accommodate it via official reserve transactions.11. Exhibit 3.3 indicates that in 1991, the U.S. had a current account deficit and at the same time a capital account deficit. Explain how this can happen?Answer: In 1991, the U.S. experienced an overall BOP deficit, which must have been accommodated by the Federal Reserve’s official reserve action, i.e., drawing down its reserve holdings.12. Explain how each of the following transactions will be classified and recorded in the debit and credit of the U.S. balance of payments:(1) A Japanese insurance company purchases U.S. Treasury bonds and pays out of its bank account kept in New York City.(2) A U.S. citizen consumes a meal at a restaurant in Paris and pays with her American Express card.(3) A Indian immigrant living in Los Angeles sends a check drawn on his L.A. bank account as a gift to his parents living in Bombay.(4) A U.S. computer programmer is hired by a British company for consulting and gets paid from the U.S. bank account maintained by the British company.Answer:_________________________________________________________________Transactions Credit Debit_________________________________________________________________Japanese purchase of U.S. T bonds √Japanese payment using NYC account √U.S. citizen having a meal in Paris √Paying the meal with American Express √Gift to parents in Bombay √Receipts of the check by parents (goodwill) √Export of programming service √British payment out its account in U.S. √_________________________________________________________________13. Construct the balance of payment table for Japan for the year of 1998 which is comparable in format to Exhibit 3.1, and interpret the numerical data. You may consult International Financial Statistics published by IMF or research for useful websites for the data yourself.Answer:A summary of the Japanese Balance of Payments for 1998 (in $ billion)Credits DebitsCurrent Account(1) Exports 646.03(1.1) Merchandise 374.04(1.2) Services 62.41(1.3) Factor income 209.58(2) Imports -516.50(2.1) Merchandise -251.66(2.2) Services -111.83(3.3) Factor income -153.01(3) Unilateral transfer 5.53 -14.37Balance on current account 120.69[(1) + (2) + (3)]Capital Account(4) Direct investment 3.27 -24.62(5) Portfolio investment 73.70 -113.73(5.1) Equity securities 16.11 -14.00(5.2) Debt securities 57.59 -99.73(6) Other investment 39.51 -109.35Balance on financial account -131.22[(4) + (5) + (6)](7) Statistical discrepancies 4.36Overall balance -6.17Official Reserve Account 6.17Source: IMF, International Financial Statistics Yearbook, 1999.Note: Capital account in the above table corresponds with the ‘Financial account’ in IMF’s balance of payment statistics. IMF’s Capital account’ is included in ‘Other investment’ in the above table.MINI CASE: MEXICO’S BALANCE OF PAYMENTS PROBLEMRecently, Mexico experienced large-scale trade deficits, depletion of foreign reserve holdings and a major currency devaluation in December 1994, followed by the decision to freely float the peso. These events also brought about a severe recession and higher unemployment in Mexico. Since the devaluation, however, the trade balance has improved.Investigate the Mexican experiences in detail and write a report on the subject. In the report, you may:(a) document the tr end in Mexico’s key economic indicators, such as the balance of payments, the exchange rate, and foreign reserve holdings, during the period 1994.1 through 1995.12.;(b) investigate the causes of Mexico’s balance of payments difficulties prior to the peso devaluation;(c) discuss what policy actions might have prevented or mitigated the balance of payments problem and the subsequent collapse of the peso; and(d) derive lessons from the Mexican experience that may be useful for other developing countries.In your report, you may identify and address any other relevant issues concerning Mexico’s balance of payment problem.Suggested Solution to Mexico’s Balance-of-Payments ProblemTo solve this case, it is useful to review Chapter 2, especially the section on the Mexican peso crisis. Despite the fact that Mexico had experienced continuous trade deficits until December 1994, the country’s currency was not allowed to depreciate for political reasons. The Mexican government did not want the peso devaluation before the Presidential election held in 1994. If the Mexican peso had been allowed to gradually depreciate against the major currencies, the peso crisis could have been prevented.The key lessons that can be derived from the peso crisis are: First, Mexico depended too much on short-term foreign portfolio capital (which is easily reversible) for its economic growth. The country perhaps should have saved more domestically and depended more on long-term foreign capital. This can be a valuable lesson for many developing countries. Second, the lack of reliable economic information was another contributing factor to the peso crisis. The Salinas administration was reluctant to fully disclose the true state of the Mexican economy. If investors had known that Mexico was experiencing serious trade deficits and rapid depletion of foreign exchange reserves, the peso might have been gradually depreciating, rather than suddenly collapsed as it did. The transparent disclosure of economic data can help prevent the peso-type crisis. Third, it is important to safeguard the world financial system from the peso-type crisis. To this end, a multinational safety net needs to be in place to contain the peso-type crisis in the early stage.。
国际商务英语 廖瑛版 习题答案
Chapter1 international business商品交换或交易exchange or trade for goods世界经济舞台the world economic scene国外直接投资foreign direct invest多国企业multinational enterprises商业和投资银行commercial investment bank有价证券投资portfolio investment金融风险financial risk交付差额balance of payment法律文件legal document有效经营effective operationChapter2 business organizations独资商sole proprietorship普通合伙商general partnership法人fictional person合股公司joint stock company董事会board of directors国有公司public corporation资本摊缴capital contribution by partners多数股权controlling interest优先股股东preferred stockholders公司章程articles of corporationChapter3 ways of business最终消费者（用户）ultimate consumer增值价值value added批发商wholesaler产品花色品种product assortment地方效用place utility邮售mail order sailing专业商店specialty store现金流量cash flow存货控制inventory control市场分区（分片）market segmentationChapter4 a guide to economics总体运行：overall operation宏观经济学：macroeconomics微观经济学：microeconomics通货膨胀：inflation扩展性的货币政策：an expansionary monetary policy紧缩性的货币政策：a restrictive monetary policy货币流通：currency circulation or circulation of money货币投放量：the size of money supply经济萧条：economic depression均衡数量：equilibrium quantityChapter5 the market economy市场经济：the market economy计划经济：planned economy股市：stock market经济力：economy forces供给力：supply forces需求力：demand forces经济体系：economic system市场价格：market price供求均衡：the equilibrium of supply and demand购买力：buying power供给量：quality supply价格体系：price systemChapter6 what is marketing营销观念服装零售商购买动机最终用户非赢利性机构采购制度产品规格招标低价产品可自由支配的收入多人挣钱型家庭价格和质量比较投币式自动售货机营销调研Chapter7 the marketing mix & product promotion 营销战略促销产品策划品牌名称市场总销售产品生命周期分销渠道中间商批发商促销技巧成功地进入国际市场熟悉外国文化的人们与顾客沟通的主要方式促销策略对他们广告竞赛的成功很关键特定的出口市场其他广告和促销的形式有价值的建议要设计得能吸引顾客的注意力海外销售代理广告对消费品的销售作用很大我们应该十分重视产品的包装不同国家具有不同的购买习惯一般说来，美国公司的广告费用要占销售额的5%以上电视是一种很有效的广告媒介Chapter8 international payment & settlementAlthough China has enacted the bill of exchange law，it would still be useful to know something about Article 3 of the Uniform Commercial Code（UCC）—Commercial paper of the United States since most of our international payment instruments are denominated in the U.S Dollar . Article 3 of the UCC defines the terms of commercial paper and set forth the rights and liabilities of all the parties who deal with drafts，checks，notes and certificates of deposit .If an instruments does not meet all the requirements listed at the beginning of this unit，it is not a negotiable one under the terms of the UCC，though the parties involved may still be willing to use and accept it. However，the “Non-negotiable instrument” is treated still as a negotiable instrument so far as its form permits. Since it lacks of negotiability，there can be no holder in due course of such an instrument. Any provision of any selection of the UCC—Commercial Paper peculiar to a holder in due course cannot apply to it. With this exception，such instruments are covered by all sections of the Article 3 of UCC.翻译：虽然中国已经颁布了票据法，但了解一下统一商法法典——美国商业票据的第三款仍是有用的。
Unit 10 其他支付方式
The reasons are we can thus more confidently assure our buyers of the time of delivery and save a lot of expenses on opening the letter of credit. As we feel this would not make much difference to you but would facilitate our sales, we hope you will grant our request. We look forward to your confirmation of our order and your affirmative reply to our new arrangements of payment. Yours faithfully, Alexander Tunk
Yours sincerely, Xiang Deng
Letter 3：Request for payment by D/A Dear Mr. Liu, Thank you for your letter of 4th of June, which arrived this morning.
We are pleased that you have been able to ship our order in good time but we are surprised that you still demand payment against documents. After long years of satisfactory trading we feel that we are entitled to easier terms. Most of our suppliers are drawing on us at 60 d/s, documents against acceptance, and we should be grateful if you could grant us the same terms. We are looking forward to your favorably reply. Yours faithfully, Billy Singh
=Unit_12_Terms_of_Payment
是否可自动循环
1) Automatic自动循环 2) Semi-automatic半循环 3) Non-automatic非 循环 8. Other credits 1) Red clause credit红条款信用状 2) Back to back credit对背 3) Reciprocal credit对开信用 4) Standby credit 备用信用证
依照有无另一家银行保兑来分
1) Confirmed credit保兑 2) Unconfirmed credit不保兑
5. According to the time of payment
按付款时间来分
1) Sight credit即期 2) Usance or time credit远期 6. According to the method of payment 按照付款方式来分 1) Payment credit付款 2) Deferred payment credit延期付款 3) Acceptance credit承兑 4) Negotiation credit 议付 7. According to the credit amount to be used revolvingly
Ps. 结算货币都是指世界上认可度高的货币，比如美元、欧元、日元、英镑等。 2009年7月6日，中国银行和交通银行首笔跨境贸易人民币结算业务同时启动。这 标志着人民币在国际贸易结算中的地位已经从计价货币升至结算货币。 硬通货是指国际信用较好、币值稳定、汇价呈坚挺状态的货币,是由高度工业 化国家发行。
按是否能撤消来分
1) Revocable credit可撤销 2) Irrevocable credit不可撤销 3. According to the transferability of credit：
《商务英语口译教程》Unit1-Unit4课后习题答案
Unit1 P81.我们认为你方的格力空调在这里会很畅销，希望很快收到你们的样品。
2．贵方若能报优惠价并保证收到订单后四周内交货，我方将定期订购。
3.如能报到岸价，折扣以及发货日期等详细情况，将不胜感激。
4.随函附上我方最新的产品目录及CIF 纽约报价单。
5.关于贵方9月29日的询价信，我方就如下产品报价，以我方最后确认为准。
6. 此盘5天内不接受就作撤销论。
7. 很遗憾，我们的价格和你方还盘之间差距太大，所以恐怕我方不能接受你方还盘。
8. 考虑到我们长期以来的贸易关系和友好合作，我方建议你方能接受保兑，不可撤销即期信用证。
9. 石油价格将在未来一段时间内继续下降。
10. 我们还想指出我们主要以承兑交单方式结账。
Unit1 P91.（我们正打算订购）We are thinking of placing an order for your Flying Pigeon Brand bicycles. We would be very grateful if you could make us an offer for 200 ones with details.2. （上述询价已于）The above inquiry was forwarded to you on Oct. 10, but we haven’t received your reply yet. Your early offer will be highly appreciated.3. （我方的冷冻食品）Our frozen foods have been shipped to many countries where they are received favorably. It would be to your advantage to try out a shipment.4. （很抱歉，贵方）We are sorry to say that the goods required by you are out of stock for the time being. Therefore we are unable to make you an offer at present.5. （我方于两个月前）We sent you our Quotation No. 44 two months ago, but we haven’t received any news from you. It would be advisable if you could make an early decision on this matter.6. （所有报盘都以）All quotations, except firm offers, are subject to our final confirmation. Unless otherwise stated or agreed upon, all prices are without any discount.7.（许多外国电讯）Many foreign telecommunications companies wish to come into the Chinese market such as AT &T, etc. the competition is very keen. I understand some companies are lowering their prices and offering technical assistance and after-sale services.8.（很高兴我们）I’m glad that we have settled the price.9. （我们至多只能再减）The best we can do will be a reduction of another 30 pounds. That’ll be definitely rock-bottom.10. （我们正在仔细研究）We’re now studying your offer carefully, so we hope that you can keep it open till the end of this month.Unit1 P101、我们的还盘与国际市场上的价格一致。
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Unit 10 - Balance of payment
Balance of payment (BOP) measures the payment that flow between any individual country and all other countries. There is a flow of money in and out of a country as countries export and import.
Implication
Equilibrium in (平衡) BOP ~
Current account = Capital account
If current account > Capital account
Trade deficit has to be financed. The financing cost will have adverse effect on productive capacity of the economy.
Trade surplus can cause significant inflationary pressures, leading to loss in international confidence in economy and a lack of international competitiveness.
(Surplus) (Deficit)
Government will intervene in foreign exchange market by selling US dollar (from Official Reserve account) or other assets to cope with the pressure arising from excess demand.
If current account < Capital account
(Deficit) (Surplus)
Government will intervene in foreign exchange market by buying back its currency (from
Surplus or deficit in current account ~
If current account is in deficit continually, it is importing more goods and services than it is exporting. This lead to one possible consequence ~
1] It may borrow more and more from abroad to build up external liabilities (对外负债)which match deficit on current account, therefore government encourages foreign investors to lend more by purchasing treasury bonds.
Eventually, it will bring great depreciating pressure on its exchange rate because of having less value in international market.
If current account is in surplus continually, BOP is strong but it will harm another trading nations. Deficit on other countries will result in running down their official reserves or borrow as much as they can to meet the payments overseas
How can a government rectify a current account deficit?
1] Encourage export ~ Devaluation of its currency
2] Restrict import ~ tariffs, import quotas or capital control (资本控制)
3] Encourage export ~ reduce inflation。