3. 财经英语 Unit 3 International settlement
英语财经报刊选读supplementary
Unit 1 Background MaterialsG20 members20国集团或者廿国集团，由八国集团（美国、日本、德国、法国、英国、意大利、加拿大、俄罗斯）和十一个重要新兴工业国家（中国、阿根廷、澳大利亚、巴西、印度、印度尼西亚、墨西哥、沙特阿拉伯、南非、韩国和土耳其）以及欧盟组成。
按照惯例，国际货币基金组织与世界银行列席该组织的会议。
廿国集团的GDP总量约占世界的85%，人口约为40亿。
中国经济网专门开设了“G20财经要闻精萃”专栏[1]，每日报道G20各国财经要闻。
Unit 1 The new structure of the worldEconomy------G20Text A : Group of 201.emerging economy:新兴经济体emerging market economynewly emerging economyindustrialized economy:2.gross national product: 国民生产总值gross domestic productreal gross national productestimated gross national product3.industrial nations ：工业国industrialized nations 工业化国家4.Atlantic-oriented: 以…为中心、导向；…主导的5.take on a new prominence 承担新的地位，更重要6.bail out: 帮助摆脱困境，救助7.mortgage market:抵押信贷市场8.on ad hoc basis:临时、即兴的9.rotating council presidency:欧盟理事会轮值主席国Text B The Pittsburgh Summit1.economic cycle: recession, depression, recovery, boom2.fiscal policy 财政政策；monetary policy; financial policy;aggressive policy; passive policy;3.regulation and supervision: 监管4.opaque OTC derivative market:缺乏透明度的场外衍生市场5.race to the top: 力争上游6.phase out: 逐步取消7.fossil fuel subsidy:化石燃料补贴8.future market: 期货市场9.deliver on: 兑现10.t ake stock of: 评估，评价11.g reenhouse gas emission: 温室气体排放12.oversee and regulate: 监督和规范Text C Financial reform and the G20: a hard clime1.reign: dominate2.shore up: support, save3.set the stage for a pow-wow: prepare for the meeting4.expansionary policy: 扩张性政策tight policy 紧缩政策5.rein in :限制、控制6.buffer: 缓冲存货7.pay disclosure:薪酬披露8.a host of: a lot ofa handful of: a small quantity of9. collateralized debt obligation: 抵押化债务债券10. governance reform: 治理结构改革11. cross-border institution:跨境机构12.Tier-1 capital ratio: 一级资本率Unit 2 American Sub-prime Mortgage CrisisText A Debt and Denial1.live within one’s means : 量入为出live beyond one’s means: 入不敷出2.run up debts to….借债3.make sense: 有意义，有道理，讲得通4.budget deficit: 预算赤字5.adjusted for: 调整6.debt financing: 债务融资7.home equity:房屋净值8.spending money:零用钱9.borrowing binge: 疯狂借款10.t rade deficit:贸易赤字soft landing: 软着陆11.s nap up :抢购bubble zone: 泡沫区12.e conomic fundamentals:经济基本面13.i llusory wealth: 虚幻财富14.d rop off: 减少rude awakening: 猛然惊醒15.h edge fund: 对冲基金Text B1.meet payments: 满足支付，付款1.fall behind: 拖欠2.pay off: 偿还3.conventional mortgage:传统按揭方式4.squeeze out of: 挤压出5.be stuck with: be burdened with6.per capita income: 人均收入7.economic gap: 经济差距8.spillover effect: 溢出效应9.tax base: 税基10.i n reverse: 相反地11.g utting: 破坏，供应紧张12.d eindustrialization: 限制工业化，产业空洞化Text C Three trillion dollars later….1.fill on e’s boots with risk: take risk2.palm off: get rid of , dispose of3.write down: 资产减记4.let the devil take the hindmost: 人人自保，落后遭殃5.hold … to ransom: 绑架6.cordon off: skirt, 绕过7.the scale and scope: 规模与范围8.the risk of insolvency: 资不抵债的风险9.identify with: 认为等同于10.trade off: 权衡Unit 3 Obama’s Economic Recovery PlanText A1.take office: 就职2.economic stimulus package:经济刺激一揽子方案3.make one’s way through:努力通过4.public housing公租房5.tax credit:税收抵免6.tuition credit: 学费税收抵免7.mortgage relief:抵押贷款减免8.mortgage-backed securities: 不动产放款抵押债券9.legislative overreach: 立法出拳过重10.weatherize :适应气候条件11.preventive care: 预防保健护理12.distressed security: 不良债券Text B: America’s Vulnerable Half-Speed Recovery1.on a gloomy note: 沉重，不景气，暗淡2.overhanging debt: 债务积压3.weigh down projection: reduce prediction4.write-down: 减记gging indicator : 滞后指标6.double-dip recession: 双底衰退7.baby boomers:(1):尤指1946年至1965年美国)出生于生育高峰期的人，生育高峰儿(2)出生于生育高峰期的一代人之一员,生育高峰代人(3) baby boomers经济困难的一代人8. put a damper on: restrainText C: Obama Unveils Green Jobs Plan aster Economy Loses 85,000 jobs in December1.tax credit: 税收抵免2.slip back: 滑回，后退，陷进去3.jump-start:启动，发动4.discouraged workers: 失业而不积极寻找工作的人（气馁工人；失去信心工人）5.point in the right direction: 指向正确方向，提供依据等6.in the same vein: 以同样方式；以同一思路Unit 4 Obama’s Medical PlanText A1.The House of Representative:众议院Senate参议院st-minute: 最后关头的3.universal health coverage:全民医保4.sign up for: 签约从事、获得;申请。
经贸英语Unit3
Unit 3
Business Negotiation
Reading A
Offers can be classified into two types: firm offers and non-firm offers. A firm offer is usually a seller’s promise to sell specified goods or services at specified prices, and valid for a specified period, with packing, payment, etc. described clearly. Once the firm offer is accepted by the buyer within the validity, the seller is not permitted to revise or withdraw his/her offer and is obliged to enter into a contract with the buyer. In contrast, a nonfirm offer is actually an offer without engagement which often contains reservation clauses like “ We make you an offer subject to our final confirmation.” Next step is “counter-offer”. When an offer reaches the offeree,
Confirming what they have agreed
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财经英语词汇
简明金融英语词汇彭炳铭AAccounts payable 应付帐款Accounts receivable 应收帐款Accrued interest 应计利息Accredited Investors 合资格投资者；受信投资人指符合美国证券交易委员(SEC)条例，可参与一般美国非公开(私募)发行的部份机构和高净值个人投资者Accredit value 自然增长值ACE 美国商品交易所ADB 亚洲开发银行ADR 美国存股证；美国预托收据；美国存托凭证[股市] 指由负责保管所存托外国股票的存托银行所发行一种表明持有人拥有多少外国股票(即存托股份)的收据。
ADR一般以美元计价和进行交易，及被视为美国证券。
对很多美国投资者而言，买卖ADR比买卖ADR所代表的股票更加方便、更流动、成本较低和容易。
大部份预托收据为ADR；但也可以指全球预托收(GDR) ，欧洲预托收据(EDR) 或国际预托收据(IDR) 。
从法律和行政立场而言，所有预托收据具有同样的意义。
ADS 美国存托股份Affiliated company 关联公司；联营公司After-market 后市[股市] 指某只新发行股票在定价和配置后的交易市场。
市场参与者关注的是紧随的后市情况，即头几个交易日。
有人把后市定义为股价稳定期，即发行结束后的30天。
也有人认为后市应指稳定期过后的交易市况。
然而，较为普遍的是把这段时期视为二级市场AGM 周年大会Agreement 协议；协定All-or-none order 整批委托Allocation 分配；配置Allotment 配股Alpha (Market Alpha) 阿尔法；预期市场可得收益水平Alternative investment 另类投资American Commodities Exchange 美国商品交易所American Depository Receipt 美国存股证；美国预托收据；美国存托凭证(简称“ADR ”参见ADR栏目) American Depository Share 美国存托股份Amercian Stock Exchange 美国证券交易所American style option 美式期权Amex 美国证券交易所Amortization 摊销Amsterdam Stock Exchange 阿姆斯特丹证券交易所Annual General Meeting 周年大会Annualized 年度化；按年计Antitrust 反垄断APEC 亚太区经济合作组织(亚太经合组织)Arbitrage 套利；套汇；套戥Arbitration 仲裁Arm's length transaction 公平交易Articles of Association 公司章程；组织细则At-the-money option 平价期权；等价期权ASEAN 东南亚国家联盟(东盟)Asian bank syndication market 亚洲银团市场Asian dollar bonds 亚洲美元债券Asset Allocation 资产配置Asset Management 资产管理Asset swap 资产掉期Assignment method 转让方法；指定分配方法ASX 澳大利亚证券交易所Auckland Stock Exchange 奥克兰证券交易所Auction market 竞价市场Authorized capital 法定股本；核准资本Authorized fund 认可基金Authorized representative 授权代表Australian Options Market 澳大利亚期权交易所Australian Stock Exchange 澳大利亚证券交易所BBack-door listing 借壳上市Back-end load 撤离费；后收费用Back office 后勤办公室Back to back FX agreement 背靠背外汇协议Balance of trade 贸易平衡Balance sheet 资产负债表Balloon maturity 期末放气式偿还Balloon payment 最末期大笔还清Bank, Banker, Banking 银行；银行家；银行业Bank for International Settlements 国际结算银行Bankruptcy 破产Base day 基准日Base rate 基准利率Basis point 基点；点子Basis swap 基准掉期Bear market 熊市；股市行情看淡Bearer 持票人Bearer stock 不记名股票Behind-the-scene 未开拓市场Below par 低于平值Benchmark 比较基准Beneficiary 受益人Beta (Market beta) 贝他(系数)；市场风险指数Best practice 最佳做法；典范做法Bills department 押汇部BIS 国际结算银行Blackout period 封锁期Block trade 大额交易；大宗买卖Blue chips 蓝筹股Board of directors 董事会Bona fide buyer 真诚买家Bond market 债券市场，债市Bonds 债券，债票Bonus issue 派送红股Bonus share 红股Book value 帐面值Bookbuilding 建立投资者购股意愿档案[股市] 包销商用以定价一笔发行的方法。
Chapter3InternationalFinancialMarkets练习答案+详解
Chapter 3 Intern atio nal Finan cial Markets1.Assume that a bank's bid rate on Swiss francs is $.45 and its ask rate is $.47.Its bid-ask perce ntage spread is:A)about %.B)about %.C)about %.D)about %.ANSWER: Bbid/ask spread = ask rate ____________ —_bid_rate_SOLUTION: Bid-ask percentage spread = ($.47 - $.45)/$.47 = %2.Assume that a bank's bid rate on Japanese yen is $.0041 and its ask rate is $.0043.Itsbid-ask perce ntage spread is:A)about %.B)about %.C)about %.D)about %.ANSWER: CSOLUTION: Bid-ask percentage spread = ($.0043 - $.0041)/$.0043 = %3.The bid/ask spread for small retail transactions is commonly in the range of ______________________________________ perce nt; the bid/ask spread for wholesale tran sact ions is com mon ly in the range of perce nt.A) 3 to 7; .01 to .03B) 2 to 5; .05 to .10C)10 to 15; .01 to .03D) 1 to 2; .05 to .07ANSWER: A4._________ is not a factor that affects the bid/ask spread.A)Order costsB)Inven tory costsC)VolumeD)All of the above factors affect the bid/ask spread5.The forward rate is the exchange rate used for immediate exchange of currencies.A)true.B)false.ANSWER: B6.The ask quote is the price for which a bank offers to sell a curre ncy.A)true.B)false.ANSWER: A7.According to the text, the forward rate is commonly used for:A)hedgi ng.B)Eurocurre ncy tran sact ions.C)Eurocredit tran sact ions.D)Eurob ond tran sacti ons.ANSWER: A8.If a U.S. firm desires to avoid the risk from exchange rate fluctuations, andit is receivi ng100,000 in 90 days, it could:A)obta in a 90-day forward purchase con tract on euros.B)obta in a 90-day forward sale con tract on euros.C)purchase euros 90 days from now at the spot rate.D)sell euros 90 days from now at the spot rate.ANSWER: B9.If a U.S. firm desires to avoid the risk from exchange rate fluctuations, andit will n eedC$200,000 in 90 days to make payme nt on imports from Can ada, it could:A)obta in a 90-day forward purchase con tract on Can adia n dollars.B)obta in a 90-day forward sale con tract on Can adia n dollars.C)purchase Can adia n dollars 90 days from now at the spot rate.D)sell Can adia n dollars 90 days from now at the spot rate.10.Assume the Canadian dollar is equal to $.88 and the Peruvian Sol is equal to$.35. Thevalue of the Peruvian Sol in Canadian dollars is:A)about .3621 Ca nadian dollars.B)about .3977 Canadian dollars.C)about Can adia n dollars.D)about Can adia n dollars.ANSWER: BSOLUTION: $.35/$.88 = .397711.Which of the follow ing is not true with respect to spot market liquidity? 现货市场流动性A)The more willing buyers and sellers there are, the more liquid a market is.B)The spot markets for heavily traded currencies such as the Japanese yen are veryliquid.C) A currency's liquidity affects the ease with which an MNGcan obtain or sell thatcurre ncy.D)If a curre ncy is illiquid, an MNC is typically able to quickly purchase thatcurre ncy at a reas on able excha nge rate.ANSWER: D12.Forward markets for curre ncies of develop ing coun tries are:A)prohibited.B)less liquid tha n markets for developed coun tries.C)more liquid than markets for developed countries.D)only available for use by gover nment age ncies.发展中国家现货市场流动性较低ANSWER: B13. A forward con tract can be used to lock in the _________________________ of a specified curre ncy for afuture point in time.A)purchase priceB)sale priceD)none of the aboveANSWER: C14.The forward market:A)for euros is very illiquid.B)for Easter n Europea n coun tries is very liquid.C)does not exist for some curre ncies.in n eed of foreig n in need of foreignD) none of the aboveANSWER: C15. _________ is not a bank characteristic important to customersexchange.A) Quote competitive nessB) Speed of executi onC) Forecast ing adviceD) Advice about curre nt market con diti onsE) All of the above are important bank characteristics to customers exchange. ANSWER: E16. The Basel II accord would:A) replace the Basel Accord.B) reduce the amount of capital banks are required to hold.C) require banks to take more risks and to document their risk.D) correct some incon siste ncies that still exist. Operati on risk -1ANSWER: D17. The international money market primarily concentrates on:A) short-term len di ng (one year or less). IMM短期借款B) medium-term lending.C) Ion g-term lending.D) placi ng bonds with in vestors.E) placi ng n ewly issued stock in foreig n markets. ANSWER: A18. The international credit market primarily concentrates on:A) short-term lending (less tha n one year).B) medium-term lending.C) Ion g-term lending. 欧洲信用贷款市场D) provid ing an excha nge of foreig n curre ncies for firms who n eed them.E) placi ng n ewly issued stock in foreig n markets.ANSWER: B19. The main participants in the international money market are:A) con sumers.B) small firms.C) large corporati ons.D) small Europea n firms n eedi ng Europea n curre ncies for intern ati onal trade.ANSWER: C20.LIBOR is: 同业拆借利率A)the in terest rate com monly charged for loa ns betwee n ban ks.B)the average inflation rate in European countries.C)the maximum loa n rate ceili ng on loa ns in the intern ati onal money market.D)the maximumdeposit rate ceiling on deposits in the international money market.E)the maximum in terest rate offered on bonds that are issued in London.ANSWER: A21. A syn dicated Eurocredit loa n:A)represe nts a loa n by a sin gle bank to a syn dicate of corporati ons.B)represe nts a loa n by a si ngle bank to a syn dicate of country gover nmen ts.C)represe nts a direct loa n by a syn dicate of oil-produci ng exporters to a less developedcoun try.D)represe nts a loa n by a group of banks to a borrower.E) A and BANSWER: D22.The international money market is primarily served by:A)the gover nments of Europea n coun tries, which directly in terve ne in foreig ncurre ncymarkets.B)gover nment age ncies such as the Intern atio nal Mon etary Fund that enhance developme nt of coun tries.C)several large banks that accept deposits and provide loans in various currencies.D)small banks that convert foreig n curre ncy for tourists and bus in ess visitors.ANSWER: C。
金融英语听说unit6 international settlement
金融英语听说 Unit 6: International Settlement OverviewIn the world of international finance, the process of settling transactions between entities in different countries is known as international settlement. This involves the transfer of funds, securities, and other financial instruments to ensure the completion of a transaction. International settlement plays a crucial role in facilitating global trade and investment, as well as promoting financial stability.In this unit, we will explore the key concepts and practices related to international settlement in the field of finance. We will examine the various methods and instruments used in international settlements, as well as the roles of different entities involved in the process. Through this unit, you will gain a deeper understanding of the complexities and importance of international settlement in the global financial system.Key Concepts1. Foreign Exchange MarketThe foreign exchange market is where the currencies of different countries are bought and sold. It is a crucial component of international settlement, as currency exchange plays a vital role in facilitating cross-border transactions. Understanding the dynamics of the foreign exchange market is essential for effective international settlement.2. Payment SystemsPayment systems are the infrastructure that enables the transfer of funds between parties involved in international settlements. These systems ensure the secure and efficient movement of money across borders. Some commonly used payment systems include SWIFT (Society for Worldwide Interbank Financial Telecommunication) and CHIPS (Clearing House Interbank Payments System).3. Letter of CreditA letter of credit is a financial instrument issued by a bank on behalf of a buyer. It guarantees payment to the seller upon the completion of certain conditions. Letters of credit provide security and assurance to exporters, allowing them to mitigate the risk of non-payment.4. Documentary CollectionDocumentary collection is another method used in international settlement. It involves the use of documents, usually handled by banks, to ensure the transfer of goods and payment between buyers and sellers. In documentary collection, the documents are sent through the banking system, and the payment is released once the conditions are met.5. International Trade FinanceInternational trade finance refers to the financial activities and instruments used to facilitate international trade. This includes methods like factoring, export credit, and trade insurance. Understanding the various aspects of internationaltrade finance is essential for successful international settlement.Roles and ResponsibilitiesIn addition to understanding the key concepts, it is important to be familiar with the roles and responsibilities of the entities involved in international settlement. These include:1. BanksBanks play a crucial role in international settlement. They act as intermediaries between buyers and sellers, facilitating the transfer of funds and ensuring the completion of transactions. Banks also provide various financial instruments and services, such as letters of credit and documentary collections.2. Importers and ExportersImporters and exporters are the parties involved in cross-border transactions. Importers are the buyers who purchase goods or services from another country, while exporters are the sellers who supply these goods or services. Both importers and exporters are responsible for complying with the requirements and conditions of international settlement.3. Government AgenciesGovernment agencies, such as central banks and customs authorities, also play a role in international settlement. They regulate and oversee the flow of funds and goods acrossborders, ensuring compliance with legal and regulatory frameworks.ConclusionInternational settlement is a vital component of the global financial system. It enables cross-border trade and investment, while promoting financial stability. Understanding the key concepts, methods, and entities involved in international settlement is essential for professionals in the field of finance. By familiarizing yourself with these concepts, you will be better equipped to navigate the complexities of international finance and contribute to the efficiency of global transactions.*Note: This document is written in Markdown format for easy readability and formatting.。
国际结算(双语)
EXW
FCA
EX WORKS(…named place)工厂交货条件
FREE CARRIER(… named place)交至承运人条件
FAS
FOB
FREE ALONGSIDE SHIP (… named port of shipment)船边交货条件
FREE ON BOARD (… named port of shipment)装运港船上交货条件
A Bank
Current a/c XXX
B Bank
B Bank‟s currency
Nostro A/C XXX is A Bank‟s __________________a/c
Exercise:
Current a/c XXX
A Bank
B Bank
A Bank‟s currency
Vostro A/C XXX is A Bank‟s __________________a/c,
Establish a correspondent relationship between two banks.
Agency arrangement Control documents
What do control documents include?
Control Documents
Lists of specimen of authorized signatures 印鉴 是银行列示的所有有权签字的人的有权签字额度、签字范围、 有效签字组合方式以及亲笔签字字样。代理行可凭其核对对 Verify the messages, letters(airmailed) are 方银行发来的电报、电传等的真实性。 authentic Telegraphic test keys密押 Verify the telex and cable are authentic 是两家代理行之间事先约定的专用押码，在发送电报时，由
《金融英语听说》Unit3
《⾦融英语听说》Unit3Unit 3Lending BusinessWarm-up1. Match the Chinese terms in Column A with their English equivalents in Column B.Answers for Reference1 汽车贷款auto loan2 个⼈房屋贷款personal housing loan3 次级按揭贷款subprime mortgage loan4 信贷风险credit risk5 商业贷款commercial loan6 财务状况financial standing7 按揭抵押的房产mortgaged property8 利率风险interest rate risk9 分期付款pay by instalments10⼀次性付款pay in a lump sum2. Discuss in pairs and answer the following questions.Answers for Reference1. Do you know the types of personal loans offered by Canadian Imperial Bank of Commerce (CIBC)?Personal housing loan 个⼈住房贷款– Personal second-hand housing loan 个⼈⼆⼿房屋贷款，个⼈再交易住房贷款– Personal commercial space purchase loan 个⼈商业⽤房贷款– Individual housing loans at fixed interest rate 固定利率个⼈住房贷款– Personal housing mixed loan 个⼈住房组合贷款– Individual housing provident fund loan 公积⾦个⼈房屋贷款– Personal mortgage loan 个⼈住房抵押贷款Personal purchase loan 个⼈消费贷款Personal operation loan 个⼈经营贷款Personal auto loan 个⼈汽车贷款Personal housing improving loan 个⼈房屋维修贷款Personal consumer durables loan 个⼈耐⽤品消费贷款Commercial educational loan 商业助学贷款Government-subsidized educational loan 政府助学贷款Personal loan backed by pledged rights 个⼈产权质押贷款2. What do you think should be prepared for a loan proposal before you go to apply for a personal housing loan to CCB?valid identify certificate 有效⾝份证明, e.g., ID card ⾝份证, Hukou 户⼝, certificate of permanent residence 永久居民证or passport 护照Employment certificate ⼯作证Property right/title certificate 房产证Income statement 收⼊证明3. What should be considered if you were handling a loan proposal as a manager of the Credit Department?People 借款⼈(the identification of potential borrower, information about the person, their family, their income, their financial standing, etc. 申请借款⼈的⾝份、个⼈信息、家庭状况、收⼊、资信等)Purpose 借款的⽤途(the purpose of the borrowing and how to use the money borrowed 借款的⽬的以及如何使⽤借款) Payment 还款计划(how to effect repayment: by instalments or in a lump sum 如何还款：分期付款还是⼀次付清)– Repayment schedule 还款计划– Amount of the loan granted 审批贷款的⾦额– Term of the loan 贷款的期限Protection 还款保障(what to be used as collateral or security for the loan and who to be the guarantee 什么做贷款的抵押品以及谁是担保⼈)Perspective 还款风险预测(the assessment of risk of credit in perspective 客观地评估信⽤风险)Short DialoguesTask 1 Multiple ChoiceListen carefully and choose the best answer to the question after each dialog.Scripts & AnswersDialog 1 M: Hi, Xiaohong. There is news about bankruptcies of some U.S. banks. It seems the banks are subject to some risks in their operation.W: Yes. Excessive interest rate ri sk can pose a significant threat to a bank’s earnings and capital base.M: Do you know the exact meaning of the interest rate risk?W: It is difficult to explain it in a few words. Let me see, eh… Generallyspeaking, interest rate risk is the risk arising from the change in value ofan interest-bearing asset, such as a loan or a bond, due to fluctuation ininterest rates. As rates rise, the price of a fixed rate bond will fall. As ratesfall, the price of the bond will rise.M: So the task of control over the interest rate risk would be critical to banks, because the change in interest rates will affect the value of a bank’s interest-bearing assets.W: Right, but sometimes it is beyond the control of one bank.Question: What is usually considered the cause of interest rate risk according to the woman? (D)译⽂男：嗨，晓红。
财务会计英语unit3
Section 1 Current Liabilities
• 1.7 Taxes payable (应交税费)
Sales taxes (销售税) These taxes are paid by customers to the sellers, who in turn forward to the state or city.
• 1.1 Accounts Payable Accounts payable are amounts owed to suppliers. They are incurred when purchase occurs. Example 3.1 To illustrate, let’s refer to the information in Example 2.7. In the book of Lott Law Firm, there was a debit entry of $550 in Accounts Receivable, but in Dickson Hunter’s book the entry would be: Legal Consultancy Services 550 Other Accounts Payable 550
Purchase 1000 Accounts Payable 1000
April 28 Purchase 2000 Accounts Payable 2000
Section 1 Current Liabilities
• 1.2 Notes payable Notes payable are of both short and long terms. Short-term notes payable are obligations represented by promissory notes.
最新讲义(1-3章)讲课讲稿
第一章Definition: International settlements are financial activities conducted among different countries in which payment are effected or funds are transferred from one country to another in order to settle the creditor-debtor relationship emerged in the course of political, economic or cultural contacts among them.第一节 Key Issues in International Payments1、Who Bears the Credit Risks?2、Who Finances the Transaction?3、In what Currency will Payment be Made?4、What are the Political and Legal Risks?5、Who Will Bear Transportation Costs and Risks?6、What Are the Cost of Each Method of Financing and Payment?7、Special Cases单词列表第二节 Introducing the Buyer and the Seller1、The buyer is in the business of purchasing or the brokering of raw materials, component parts, finished goods or services for manufacturing, assembly, or resale to others .2、Issues and Concerns of the BUYERAssurance of delivery and correct countQuality of goodsCondition of goodsTimeliness or receipt of goodsLag timeFinancing the transactionBuyer as brokerTransportation costs and riskInsuranceDistancesCurrency3、The seller is in the business of manufacturing, selling, or brokering raw materials; component parts; finished goods, or services to the buyer for eventual manufacture, assembly, or resale to others.4、Issues and Concerns of the SELLERCertainty of PaymentAssurance of delivery and correct countCondition of goodsTimeliness or receipt of goodsFinancing the transactionSeller as brokerPolitical riskLegal riskTransportationInsuranceDistancesCurrency risk单词列表第三节 Introducing the Basic Terms of Payment1、Key Factors in Determining the Payment MethodRelationship between seller andbuyerThe nature of the merchandiseIndustry normsThe distance between buyer and sellerThe potential for currency fluctuationPolitical & economic stability in either or both countries2、Four basic terms of payments（1）Cash in AdvancePayment by cash in advance requires that the buyer pay the seller prior to shipment of the goods ordered.Cash in advance provides the seller with the most security but leaves the buyer at great risk that theseller will not comply with all the terms of the contract.The cash payment is received before, and independently of, shipment of the goods.（2）Documentary CreditA documentary letter of credit is a bank’s promise to pay a seller on behalf of the buyer so long as the seller complies with precisely defined terms and conditions specified in the credit.A documentary of credit provides almost equal security to both the buyer and the seller and is second only to cash in advance in terms of security to the seller.When a letter of credit is issued by the buyer’s bank, the bank assumes the payment responsibilityfor the buyer,…….Letter of credit are the most common form of international payment because they provide a high degree of protection for both the buyer and the seller. ……Consistency and accuracy are paramount in preparing and submitting documents for payment under a letter of credit. ……（3）Documentary CollectionsA documentary collection is an order by the seller to his bank to collect payment from the buyer in exchange for the transfer of documents that enable the holder to take possession of the goods.Under a documentary collection, the seller ships goods to the buyer but forwards shipping documents to the forwarding bank for transmission tothe buyer’s bank. ……Like letter of credit, documentary collections focus on the transfer of title documents to goods rather than on immediate transfer of the goods themselves. ……Documentary collections are excellent for buyers ……Documentary collections procedures, however, entail some risk for both sellers and buyers. ……（4）Open AccountPurchase on open account means that the buyer agrees to pay for goods ordered within a designated time after their shipment.Common terms are 30, 60, or 90 days although longer terms of 180 days are not unheard of.单词列表第四节 Foreign Exchange Basic1、A hedge is a contract that provide protection against the risk of loss from a change in foreign exchange rates.Forward market hedgeMoney market hedgeOptions market hedge单词列表第五节Contract Basics Basic contract provisions：GoodsDeliveryPrice/ CurrencyPaymentDocumentationForumGoverning LawMeasure of damages in breach of contract actionSpecific performanceArbitration第六节Incoterms 20101、Trade terms：“Price terms” or “Delivery terms” .They are sets of uniform rules codifying the interpretation of trade terms defining the rights and obligations of the buyer and the seller in international transactions.2、The Internet Chamber of Commerce isa nonprofit , volunteer-basedprofessional organization , which helps the business, government and academic community maximize the opportunities of Internet technology through education , information resources and networking.3、The Incoterms rules are an internationally recognized standard and are used worldwide in international and domestic contracts for the sale of goods. The rules have been developed and maintained by experts and practitioners brought together by ICC and have become the standard in international business rules setting. Launched in mid-September 2010, Incoterms 2010 came into effect on 1 January 2011. They help traders avoid costly misunderstandings by clarifying the tasks, costs and risks involved in the delivery of goods from sellers to buyers. Note that parties to a contract for the sale of goods can agree to choose any version of the Incoterms rules after 2011.It is important however to clearly specify the chosen version INCOTERMS 2010, INCOTERMS 2000 or any earlier version.第二章 Financial Documents第一节 Bill of Exchange1、要项：关于有条件或无条件支付命令的判断标准：An order to pay out a par ticular fund is notunconditional ;Anunqualified order to pay, coupled with (a) an indication of a p articular fund out of which the drawee is to reimburse himself o r a particular accountto be debited with theamount, or (b) a statement of the transaction which gives ris e to the bill,is unconditional.【Example 1】……pay to China Export Company the sum of U.S. DOLLARS THIRTY THOUSAND ONLY providing the goods they supply are complied with contract.【Example 2】…… pay to Taiyuan Tap Water Company only the sum of U.S. DOLLARS EIGHTY THOUSAND ONLYandcharge/debit same to applicant’s account maintained with you.【Example 3】……pay to Huabei Chemical Company out of proceeds in our No.622058 account the sum of U.S. DOLLARS NINETY THOUSAND ONLY.【Example 4】…… pay to Sunshine Machinery Company the sum of U.S. DOLLARS SEVEN THOUSAND ONLY. Drawn under L/C No. FK800213 issued by CITI Bank, New York dated on 8th Feb, 2016.关于货币金额的记载：【Example 1】…… pay to Huabei Chemical Company only the sum of U.S. DOLLARS THREE THOUSAND or TWO THOUSAND.【Example 2】…… pay to Huabei Chemical Company only the sum of ABOUT U.S.DOLLARS SEVEN THOUSAND.【Example 3】…… pay to China Export Company not to order the sum of U.S. DOLLARS THREE THOUSAND plus interest.【Example 4】…… pay to C hina Export Company only the sum of U.S. DOLLARS THREE THOUSAND plus interest at the rate 8% per annum added from the date hereof to the date of payment.【Example 5】…… pay to Taiyuan Tap Water Company the sum of U.S. DOLLARS THREE THOUSAND by installments.【Example 6】…… pay to Taiyuan Tap Water Company the sum of U.S. DOLLARS THREE THOUSAND by three equal consecutive monthly installments.【Example 7】Exchange for USD300.…… pay to the order of BOC the sum of U.S. DOLLARS THREE THOUSAND.关于抬头：关于付款期限：计算题：(1)Date of issue May 16th, 2016 ；Tenor of Payment At 60 days after date(2)Date of Acceptance Oct. 3rd, 2015 ；Tenor of Payment At 90 days after sight2、定义：An unconditional order in writing, signed by a person (drawer) such as a buyer, and addressed to another person (drawee), typically a bank, ordering the drawee to pay a stated sum of money to yet another person (payee) , often the seller, on demand or at a fixed or determinable future time.A bill of exchange is an unco nditionalorder in writing, addressed by one personto another, signed by the person giving it,requiring the person to whom it isaddressed to pay on demand or ata fixedor determinable future time a sum certainin money to or to the order of a specified person, or to bearer.3、特征：Negotiability ；Non-causative Nature；Requisite in Form4、票据行为：关于背书的类型：Special EndorsementBlank EndorsementRestrictive EndorsementConditional EndorsementEndorsement for Collection注意：Continuity of Endorsement关于提示：A draft must be duly presented for payment if it is a sight bill or duly presented for acceptance first and then presented for payment at maturity if it is a time draft.关于承兑：An acceptance draft is a time draft that has been accepted and signed by the drawee ( the buyer or the bank ) for payment at maturity..关于拒付：Act of dishonor is a failure or refusal to make acceptance on or payment of a draft when presented.(1) Can’t pay ;(2) Refuse to pay.关于追索：In the event of a draft beingdishonored, the holder has a right of recourse against the other parties thereto, that is, a right to claim compensation from the drawer or any endorser.Notice Of Dishonor：A notice on which default of acceptance or of payment by the drawee or the acceptor is advised, to be given by holder of a draft to the drawer and all the endorsers whom he seeks to hold liable for payment.Protest： A written statement under seal drawn up and signed by a Notary Public or other authorized person for the purpose of giving evidence that a draft has been presented by him for acceptance or for payment but dishonored.5、类型：第二节Promissory Note1、 A promissory note is an unconditional promise in writing made by one person to another signed by the maker , engaging to pay on demand or at a fixed or determinable future time , a sum certain in money , to or to the order of a specified person or to bearer.2、要项：3、分类：Promissory NoteCashier’s Order第三节 Cheque1、定义：Briefly speaking, a cheque isa bill of exchange drawn on a bank payable on demand. Detailedly speaking, a cheque is an unconditional order in writing addressed by the customer to a bank signed by that customer authorizing the bank to pay on demand a sum certain in money to or to the order of a specified person or to bearer.2、要项：3、分类：Open Cheque ：A cheque is possible to get cash over the counter.Crossed Cheque ：A crossed cheque is only credited to the bank account of the payee.Bearer Cheque：A cheque which is payable to any person who presents it for payment at the bank counter.Order Cheque ：A cheque which is payable to a particular person.4、案例（1）服装厂和布料厂的纠纷案件：服装厂已经提供了银行承兑汇票，但是在到期日拒付，因为布料厂的布料是残次品。
3. 财经英语 Unit 3 International settlement
(6) payment can be delayed until the documentation is properly presented .
3. The draft is drawn by (7) the exporter . It can be a (8) or a (9) time draft . sight draft ,
3 The sales contract
4 Those goods have to be inspected 5
Assuming one blog per person, this comes to 8 million US blogs alone.
specify
set forth
obtain
prior to
Column A 1. guarantor 2. receipt 3. contract 4. sight draft
Column B a. a draft payable as soon as it is presented b. formal agreement between 2 or more parties c. a signed agreement to pay a draft d. someone who promises to pay a debt if the person who should pay it does not e. a contract between a carrier and a shipper f. a piece of paper that proved that money, goods, or information have been received. g. a person, company, or country that buys goods from other countries so they can be sold in their own country. h. an official letter from a bank allowing a particular person to take money from another bank.
unit 11International_payments_and_settlements
Invoice发票 Transport Documents运输单据 Insurance Documents保险单据 etc.
SWIFT(环球银行金融电讯协会） CHIPS（清算所同业支付系统） CHAPS（交换银行自动收付系统）etc.
4.International payment system （国际支付体系）
Basic Methods of International Settlement
Settlement on commercial credit 基于商业信用的结算
1.Payment in advance(预付货 款） 2.Open account（赊账交易） 3.Remittance(汇付） 4.Collection（托收）
1
Brief Introduction to
International Settlement
What is international settlement?
Words meaning of international settlement
(国际结算的字面理解） international
1. Of, relating to, or involving two or more nations 2. Extending across or transcending national boundaries
Evolution of Modern International Settlement
From barter transaction to cash settlement
从易货交易到现金结算 From cash settlement to non-cash settlements 从现金结算到非现金结算 From direct payment made between international traders to payment effected through a financial intermediary 从直接支付到通过金融中介支付 From payments under simple price terms to payments under more complex price terms 从简单贸易术语结算到复杂贸易术语结算 From traditional settlement to E-settlement 从传统结算到电子结算
国际结算英文课件
§1.1What is “International Settlement”
International Trade Settlement
financial activities arisen from international commercial transactions.
International Non-trade Settlement
§1.1 What is“International Settlement”
Commodity Production
Exchange of commodity
Circulation of Commodity Circulation of Currency
§1.1 What is “International Settlement”
D.From simple trade term to complicated
trade which connected with both delivery of goods and payment of proceeds
E. From paper documents to electronic
documents
Who bears the credit risks? Who finances the transaction? Who will bear transportation costs and risks? In what currency will payment be made? What are the political and legal risks? What are the costs of each method of financing and payment? Etc...
国际结算双语教材英语
Introduction to International SettlementInternational political, economic and cultural exchange inevitably leads to credits and debts owed by one country to another.The international settlement involves both tangible and intangible trades, foreign investments, funds borrowed from or lent to other countries and so forth. To be more specific, international payments and settlements can also be necessary financial activities rendered from commercial payments, payments for the services rendered, payments between governments, and the transfer of funds among countries.1.1 DefinitionInternational payments and settlements are financial activities conducted among different countries in which either payments are effected or funds are transferred from one country to another for the purpose of settling accounts, debts, claims, etc.1.2 Types of International SettlementUsually international settlement is divided into three broad categories: remittance, collection and letter of credit. Negotiable instruments, however, ways of international settlement and documents used in the international settlement sometimes constitute the framework of international settlement. For example, the following payment terms can be read in the sales contracts.（1）The supplier agrees that the buyer will effect payments under the term of T/T against receipt of B/L by fax.(2) Hong Kong suppliers agree that the buyer will effect payments under the term of CAD(Cash against Documents).(3) Only in case of new suppliers and first order to them, the buyer might agree to effect payments under L/C terms．The L/C charges on the buyer's side will be born by the buyer and the L/C charges on supplier's side will be born by the supplier. The Bill of Lading is made out to order and notify the buyer.(4) In case that the supplier still insist on L/C terms even after the first order, the supplier agree to take over all L/C charges on him as well as the buyer's side. In those cases we request a Bill of Lading.1.3History and Development of International SettlementTracing back the history of international settlement, the medium of exchange originated from coins. Later on, commercial drafts and other credit instruments emerged and became popular tomeet the needs of the constantly increasing business activities in both geographicalregions and volume of the international trade.Depending on the creditability of financial institutions, both buyers and sellers are usually willing to complete their settlement through banks respectively, and a financial arrangement could be reached then. Therefore, many banks have focused on their business of international settlement and trade finance.Most of the international payments originate from transactions in the world trade. With the enormous amount of international trade activities, the volume of the international settlement has reached trillions of US dollars nowadays. Banks; as a result, are focusing more and more on the development of the business because it is a major resource of profit.1.4 International Customs and PracticesThe International Chamber of Commerce is the world business organization. It is the only representative body that speaks with authority on behalf of enterprises from all services in every part of the world.（1）International Practices concerning Bills: Bill of Exchange Act, 1882, Jeva Uniform Bill Act.(2) International Practices concerning Settlement：(Uniform Rules for Collection, ICC Publication No: 522), Uniform Customs and Practice for Commercial Documentary Credits,1993 Revision, ICC Publication No. 500).(3) International Practices concerning Documents: Hague Rules, Hamburg Rules, International Convention Concerning the Transport of Goods by Rail, Agreement on International Rail-Road through Transport of Goods, Uniform Rules for a Combined Transport Documents, Institute Cargo Clauses, ICC, International Rules for Interpretation of Trade Terms, Incoterms2000 and UNCITRAL Arbitration Rule.Instruments2.1General IntroductionBills of Exchange, cheques, and promissory notes are all known as negotiable instruments. It is a fundamental principle of property law that we cannot obtain a better title than that possessed by the person from whom we received it. There is always the risk that that person has no title to the property because he has stolen it or obtained it from some other person who got improperly. The true owner, on discovering the property and proving his right to it, can demand the property be restored to him. Our remedy is to look for the person from which we received the property and try to get our money back. That person will in turn claim from his immediate transferor, this tracing right goes on up to the unfortunate one who bought the property from the thief.2.2 Bills of Exchange2.2.1 DefinitionA Bill of Exchange (draft) is a commercial instrument. It is an unconditional order in writing, addressed by one person to another，signed by the person giving it，requiring the person to whom it is addressed to pay on demand，or at a fixed or determinable future time，a sum certain in money，to or to the order of a specified person or to the bearer．A typical Bill of Exchange is drawn in this manner(see Specimen 2.1）·Note:●An unconditional order in writing.●Addressed by one person (the drawer).●To another (the drawee).●Signed by the person giving it.●Requiring the person to whom it is addressed.、、●To pay.●On demand or at a fixed or determinable future time.● A sum certain in money:●To or to the order of a specified person or the bearer.2.2.2 Liability on Bills of ExchangeThe liability on a Bill of Exchange is by signature only: no signature, no liability. In another words, no person is liable as drawer, endorser or acceptor of a bill who has not signed.2.2.3 Endorsement of Bills of ExchangeFor many commercial contracts, the benefits of the contract may be transferred from one person to another. With a Bill of Exchange, this transfer is effected by delivery, or by endorsement and delivery. Endorsement is a signature and a signature must be the same with the transferor's name as stated on the bill. It is normally on the back of the document. There are four types of endorsement: blank, special, restrictive or conditional.2 ．2.4 Acceptance of Bills of Exchange The drawee has no liability on the bill until he signs the bill in ,such a way as to signify acceptance of liability to pay the money stated on the bill. The acceptance of a bill is the signification by the drawee of his assent to the order of the drawer. An acceptance is invalid unless it complies with the following conditions, namely:（1）It must be written on the bill and signed by the drawee. The mere signature of the drawee, without additional words, is sufficient.(2) It must not express that the drawee will perform his promise by any other means than the payment of money.Acceptance may be made before signature by the drawer. It may also be accepted when overdue or when previously by non-acceptance or non-payment.2.2.5 Holders of Bills of Exchange.A holder for value is the holder of bill for which value has been given: he is a holder for value as regards all parties prior to himself. Once value is given for a bill, the-holder giving value and all subsequent holders are holders for value. A holder for value has the right of transferability conferred upon him by the common law. He has exactly the same rights together, with faults andfailings, if any, of the person who transferred the bill to him.2.2.6Duties of Holders of a Bill of ExchangeA Bill of Exchange holder must do two things：present the bill for acceptance and present the bill for payment. The holder must carry out his duties. Alternatively, he can transfer the bill to another person, within a "reasonable time" of receiving the bill.Presenting the bill for acceptance is personal. The bill is presented to the drawee personally for acceptance, wherever he is. In so doing, the holder gains an extra signature and thereby an extra liability on the bill. If the drawee refuses to accept the bill, the bill is then dishonored by non-acceptance and the holder can immediately sue all prior parties to the bill.Presentment for payment is local, meaning that the bill must be presented at the right place whether or not the person liable on the bill is at that place. The right place is the place stated on the bill as being the place of payment, otherwise the bill should be presented at the place of business or the place of the drawee/acceptor. The payment should be presented during business hours.2.2.7 Liability of Drawers，Drawees and Endorsers（1）Liability of DrawersBy drawing the bill the drawer commits himself to the following:a. That it will be duly accepted or paid on presentment, andb. That if it is dishonored he will compensate the holder or any endorser for any loss suffered.(2) Liability of DraweesBefore acceptance, the drawee is not liable to any holder (though he may be personally liable to the drawer if he dishonors a bill properly drawn upon him).After acceptance, the drawee becomes the person primarily liable on the bill, and engages that he will pay the bill according to the terms of his acceptance.(3) Liability of EndorsersAny person who endorses a bill makes a commitment that it will be duly paid upon presentment. If the bill is dishonored he will compensate the holder who is compelled to pay it.2.2.8 Dishonor of Bills of ExchangeIf a bill is dishonored by non-acceptance or non-payment, the holder must inform all prior parties that the bill has been dishonored. If such notice has not been given within a reasonable time, all prior parties except the person primarily liable on the bill will cease to be liable to the holder. The person primarily liable on the bill is the drawer. Once the bill is accepted, the acceptor assumes primary liability.2.3 Cheques2.3.1 DefinitionA cheque is an unconditional order in writing, addressed by a person to a bank, signed by the person making it, requiring the bank to pay on demand a sum certain in money to onto the order of a specified person or to the bearer.2.3.2Parties to a ChequeThree parties are essentially involved:●The Payee, a person to whom a cheque is expressed to be payable.●The Drawer, the person who writes the cheque.●The Drawee, the bank on whom the cheque is drawn and to whom the order to pay isgiven.2.3.3 SignatureAn agent may sign a cheque if he is authorized. For example; a bank officer may sign on behalf of the bank for which he works provided he is an authorized signatory.2.3.4 ForgeryIf the drawer has not signed (and he cannot truly have done that if his signature has been forged), then the document without the drawer's signature is not a cheque.For example, if John Black steals Wolf Smith's cheque book, forges Mr. Smith's signature to a cheque USDS,000 and presents it to the bank on which it is drawn and obtained payment, the bank cannot debit Mr. Smith's account with it, for the bank's only authority to debit the account is Mr. Smith's genuine signature. The bank would lose the money unless the forgery was immediately discovered after payment. However, if the bank had paid the forger John Black，then its only right would be against the forger, for what it was worth.2.4 Promissory Notes2.4.1 DefinitionA promissory note is an unconditional promise in writing, made by one person (the maker)to another (the payee or the holder), signed by the maker, engaging to pay on demand or at a fixed or determinable future time a sum certain in money, to or to the order of a specified person or to bearer.A promissory note is a promise, and a bill is an order. There is no need to protest a dishonored note. And as the maker of a promissory note is the person primarily liable on it, there can be no acceptance.A promissory note is not complete when the maker signs it. It must also be delivered to the payee or bearer.A typical promissory note is made in this manner (see Specimen 2.3).Note:●An unconditional promise in writing.●The maker.●The payee or the holder.●Engaging to pay.●On demand or at a fixed or determinable future time.● A sum certain in money.2.4.2 Liability of MakersThe maker of a promissory note should be engaged in the payment according to its tenor, and is precluded from denying to a holder in due course the existence of the payee and his then capacity to endorse.2.4.3 Banker's DraftsA banker's draft is a negotiable instrument drawn payable to order by a bank as drawer on the same bank as' drawee, in another word, the drawer and drawee are the same person. It is issued by a bank for certain fixed amounts, always payable to bearer and on demand. Even though the draft may be drawn by a branch of head office or another branch; and the bank is considered as one entity for this purpose. It is also a legal tender.It goes without saying that a banker's draft is as good as cash for many commercial purposes, dishonor of it being unheard of unless it is known that the presenter is not entitled to it.Remittance and Collections3.1 DefinitionRemittance refers to the transfer of funds from one party to another among different countries through banks. At the request of its customer, a bank transfers a certain sum of money to its overseas branches or correspondent banks and instructs them to pay a named person or corporation in that country.3.2 Means or Instruments of RemittanceThe remittance will be done by several means or instruments such as mail transfer, demand draft and telegraphic transfer. The instruments mentioned above bear their characteristics, which will be discussed later.3.2.1 Mail Transfer (M/T)A mail transfer is to transfer funds by means of a payment order or a mail advice, or sometimes a debit advice issued by a remitting bank, at the request of a remitter. Either of a payment order, mail advice or debit advice must be authenticated with tested key or the authorized signatures of the remitting bank. It instructs the paying bank to pay a certain sum of money to the beneficiary. Upon receipt of the payment order, the paying bank verifies the tested key or the authorized signature, notifies the beneficiary, pays to him and claims reimbursement from the remitting bank. In practice, the remitting bank credits the account for the paying bank in the remitting bank.3.2.2 Demand Drafts（D/D）A demand draft is often used when the customer wants to transfer the funds to his beneficiary by himself. The remitter will make a written request of issuance to the remitting bank. Then the remitting bank debits the remitter's account, issues a bank draft and forwards it to the remitter who may send or carry it abroad to the payee. Upon receipt of the draft, the payee can either present it for payment to the drawee’s bank or sell it to his own bank crediting his account. The drawee's bank verifies the signature, pays the draft and claims back the amount paid in accordance with itsagency arrangement with the remitting bank.3.2.3Telegraphic Transfer（T/T）Telegraphic transfer refers to remittance by SWIFT. It is exactly the same as a mail transfer, except that instruction from the remitting bank to the paying bank is transmitted by cable/telex/SWIFT instead of by mail. Therefore, it is faster, but more expensive than the mail transfer. It is often used when the remittance amount is large and the transfer of funds is subject to a time limit. Thus, 90% remittance is done through T/T.Table 3.1 Comparison among T/T,MT and D/D3.2.3 Collections3.3.1 DefinitionAfter the exporter has shipped the goods or rendered services to his customers abroad, he draws a Bill of Exchange on the latter with or without shipping documents attached thereto and then gives the draft to his bank together with his appropriate collection instructions. Thus, a collection on the basis of commercial credit is usually processed through banks acting as the intermediary.3.3.2 Workflow（1）The exporter ships goods and obtains documents of title from the shipping line.(2) The exporter, known as the principal, delivers the following documents to his bank (remitting bank): a. a Bill of Exchange drawn on the importer; b. documents for goods of title and c. a collection order which contains the exporter's instructions to the remitting bank.(3) The remitting bank completes its own collection order addressed to the importer's bank.(4) If the instructions are D/P (documents against payment), the importer's bank will release the documents to the importer only against payment. If the instructions are D/A(documents against acceptance), the importer's bank will release the documents against acceptance of the Bill of Exchange by the importer.(5) The bank credits the proceeds to the principal's account.3.3.3 Documentary Collections（1）DefinitionA documentary collection is an operation in which a bank collects payment on behalf of the seller (the principal) by delivering documents to the buyer.Documentary collections are suitable in cases where the exporter is reluctant to supply the goods on an open account basis, but does not need the strong security provided by a documentary credit. A documentary collection is more secure than settlement on open account, because the importer can take possession of the goods with either making payment or accepting a Bill of Exchange. The banks concerned are under no obligation to pay. The exporter is relieved of a large part of the administrative work connected with the collection of documents, and benefits from the banks’worldwide network of contacts. Thanks to the less stringent formal requirements, this service is cheaper and more flexible than a documentary credit.With a documentary collection, however, the exporter is not certain, at the time of dispatch of the goods whether the buyer will actually make the full payment. This form of settlement is therefore most appropriate in the following cases：●the exporter has little doubt about the buyer's willingness and ability to pay;●the political, economic and legal environment in the importing country is considered tobe stable;●the buyer's country has placed no restrictions on imports (e.g. exchange controls).(2) Types of Documentary Collectionsa. Documents against Payment (D/P)The presenting bank is authorized to release the documents to the drawee only against immediate payment. That means the payment should be effected on first presentation of the documents. Sometimes there is no draft in the documentary collection due to the levy of stamp duty.b. Documents against Acceptance (D/A)The presenting bank releases the documents to the importer against his acceptance of a Bill of Exchange, which is usually payable 30-180 days after sight or at a fixed future date. The presenting bank must ensure that the acceptance of the Bill of Exchange is complete and correct. However, the presenting bank bears no responsibility for the authenticity of the signature, the authority of the signatory to sign or the creditworthiness of the acceptor.With a D/A arrangement, the importer takes possession of the goods before payment is actually effected. Once the goods have been released, the exporter's only safeguard is the Bill of Exchange accepted by the importer.c. Acceptance with, Documents against PaymentWith this type of documentary collections, the exporter gives instructions that the importer, when presented with the documents, shall accept a Bill of Exchange drawn at, say, 60 days aftersight. The documents may not, however, be released to the importer until the bill has been paid. In other words, the release of documents is made against payment of tenor drafts.Acceptance. with documents against payment is not encouraged by International Chamber of Commerce.3.3.4 Uniform Rules for Collections（URC）The Uniform Rules for Collections (URC) form an internationally accepted code of practice covering documentary collections. URC are not incorporated any national or international law, but are normally binding on all parties because all bank authorities (especially the collection instruction) will state that the collection is subject to URC (ICC Publication No: 522, URC522).URC522 will apply unless the collection instruction states otherwise or the laws in one of the countries concerned specifically contradict them.3.3.5 Collection InstructionsHaving dispatched the goods and prepared the documents, the exporter is ready to request his bank to arrange a collection. The specimen of collection. instruction is a standard form which enables the exporter to include specific instructions to his bank regarding the documentary collection. The collection instruction must be clear and complete, since the handling of the transaction by the remitting and collecting banks will be governed solely by the instructions contained in the collection instruction. The most important parts included in the collection instruction are instructions regarding documents and payments.（1）Instructions to Release Documentsa. D/A refers to the release of documents against acceptance of tenor drafts. The collecting bank will fulfill his obligation when the documents are delivered upon the acceptance of the draft.b. D/P refers to the release of documents against payment of sight drafts or simply against payment.c. D/P at xx days after sight refers to the release of documents against payment of tenor drafts. In order to avoid confusion with the operation of D/A, the statement "Deliver documents only after payment was effected" should be written into the collection instruction.(2) Instructions to Effect PaymentOne of the following three options of collection instructions may be chosen:a. When the remitting bank has an account with the collecting bank, the collection instruction will be “please credit our account with you under you SWIFT/airmail advice to us".b. When the collecting bank has an account with the remitting bank, the collection instruction will be "please collect the proceeds and authorize us by SWIFT/airmail to debit your account with us".c. When there is no account relationship between the remitting bank and the: collecting bank, the collection instruction will be "please collect and remit the proceeds to X Bank for credit our account with them under their SWIFT/airmail advice to us".(3) Additional Instructionsa. The collection instruction should give specific instructions about whether or not to protest in the event of non-payment or non-acceptance. If the importer refuses to pay or to accept the Bill of Exchange when the documents are presented, the presenting bank must send notice of this to the exporter through the remitting bank．The bank will not institute a protest unless expresslyinstructed to do so.b. The exporter should give the name and address of a representative or agent in the country of importer who will be responsible for the warehousing and resale of goods in the event of non-payment. The collection instruction should specify if there is a party known as the "case of need". If a case of need is named, the collecting bank will refer to him in the event of dishonor for guidance or instruction.3.3.6 Legal Position of Banks（1）Duties of Remitting BanksThe bank's legal liability is set out in the Uniform Rules for Collections. Banks must verify that the documents received comply with the one specified in the collection instruction, and carryout the instructions given by the principal.a. Documents ProcessingBanks have no responsibility to examine the documents thoroughly. The remitting bank will make additional checks before sending them to collecting bankb. International Practice in Conducting the BusinessFor matters not mentioned in the collection instruction, the remitting bank should handle the collection business in compliance with the international practice in terms of those unmentioned in the collection instruction. For instance, under URC522, Article 5 (d)，remitting bank may choose collecting bank for the principal if no collecting bank is named in the collection instruction.In addition, banks assume no liability in case the instructions they transmit are not carried out, even if they have taken the initiative in choosing such banks according to URC522, Article11(b).Moreover, according to URC522, Article 4(a), all the documents sent for collection must contain complete and precise collection instructions, including one specifying that the collection is subject to URC522．c. Liability for NegligenceUnder URC522, banks shall act in good faith and excise reasonable care. Banks will be liable for the loss caused by negligence on the part of the bank: For example, the remitting bank fails to inform the principal of the refusal of payment from the collecting bank in time, and thus causes loss to the principal. Also, the remitting bank is responsible for the documents sent to the collecting bank by wrong address.(2) Duties of Collecting Banksa. Implementation of Collection InstructionsUsually there is a correspondent relationship between remitting bank and collecting bank, and correspondent agreements are signed by them. Collecting bank handles the collection business according to the collection instruction. According to URC522, Article 4, collecting banks are only permitted to act upon the instructions given in such collection instruction and in accordance with URC522．Any deviation from these instructions at the request of importer will be at the peril of the collecting bank.If the collection instruction is unclear, the collecting bank should contact the remitting bank timely and wait for the further instruction. If the collecting bank finds it difficult to follow up the instruction given by the remitting bank, e.g. goods consigned to the collecting bank without prior agreement, the collecting bank can ignore it. The collecting bank has no obligation to takedelivery of goods, which remain at the risk and responsibility of the party dispatching the goods upon URC522, Article 10.b. Documents HandlingAccording to URC522, Article 12, the collecting bank must verify that the documents received are in order as they are listed in the collection instruction and must advise by telecommunication or, if that is not possible, by other expeditious means without delay, the party from whom the collection instruction was received of any documents missing or found to be other than listed. The collecting bank has no further obligation in this respect. Documents are to be presented to the importer in the form in which they are received according to URC522,Article 5．The advice from the collecting bank which forwards to the importer is accompanied by photocopies of the documents. These provide the importer with essential facts about the goods that have been sent and tell him whether the documents received by the bank will enable him to take delivery of the goods and clear them through customs. The importer may go to the bank's offices and examine the papers. The bank, however, is not allowed to let him inspect the goods at the place of destination without authorization from the exporter.With a D/A transaction, the accepted Bill of Exchange either remains with the collecting bank or is returned to the remitting bank, depending on the instructions given by the exporter. In the latter case, the remitting bank delivers the bill to the exporter, who can either discount it or have it collected at maturity. In the case of medium-term maturity, there may be the possibility of selling the bill to a forfeiter or using it as security for a bank advance. The collecting bank should be responsible for keeping the accepted Bill of Exchange and the documents before the payment is effected by the importer:c. Protection of GoodsAccording to URC522, Article 10, in the event that goods are dispatched directly to the address of a collecting bank or to the order of a collecting bank for release to an importer against payment or acceptance or upon other terms and conditions without prior agreement on the part of that bank, such bank will have no obligation to take delivery of the goods, which remain at the risk and responsibility of the party dispatching the goods. Even when specific instructions are given to the collecting bank to take actions in respect of the goods to which a documentary collection relates, including storage and insurance of the goods, the collecting bank has no obligation to do so, and it should advise the remitting bank accordingly. However, in the case that the collecting bank takes action for the protection of the goods, whether instructed or not, it assumes no liability with regard to the condition of the goods, or any acts and omissions on the part of any third parties entrusted with the custody or protection .of the goods. But the collecting bank must inform without delay the bank from which the collection instruction was received of any such action taken.(3) Liability of Collecting Banksa. Documents ReleaseUnder URC522, Article 19, partial payment in documentary collections will be accepted only if specifically authorized in the collection instruction. Otherwise, the collecting bank will release the documents to the importer only after full payment has been received, and the collecting bank will not be responsible for any consequences arising out of any delay in the delivery of documents.b. Completeness and Correctness of Bill Acceptance。
(一)国际结算理论与实务
Part1：国际结算方式概览
备用信用证（stand-by letter of credit） A stand-by letter of credit is a clean letter of credit that generally guarantees the payment to be made for an unfulfilled obligation on the part of the applicant.
Part1：国际结算方式概览
–
See an example of demand draft
Part1：国际结算方式概览
–
Procedures for T/T and M/T
Remitter Payee
4、
5、 3、
–
1、
2、
– –
Remitting bank
paying bank
Part1：国际结算方式概览
on
Part1：国际结算方式概览
–
汇款（remittance）
概念 In international trade, the buyer on his own initiative remits money to the seller through a bank in accordance with the terms and time stipulated in the contact. 当事人 汇款人（remitter），汇款行（Remitting bank），付款行（paying bank）；收款人 （payee）。
Part1：国际结算方式概览
概念——国际经济交往中债权债务关系的清算。
International payments or international settlements are financial activities conducted among different countries in which payments are effected or funds are transferred from one country to another in order to settle accounts, debts, etc., emerged in the course of political, economic or cultural contacts among them.
商贸英语 Unit 3
What’s the purpose and goal of WTO?
.The purpose is to help producers of goods
and our service, exporters and importers conduct their business. .The goal is to improve the welfare of people of the member country.
The WTO’s top level decision-making body is the Ministerial Conference that meets at least once every two years. At next level, the Goods Council and Intellectual Property Council report to the General Council.
WTO的最终目标是一个繁荣、安全和负责任的经济世界。 WTO的决议在全体成员国家一致同意的基础上作出，并需经成员 国国会的批准。贸易摩擦被引导进入WTO的争端解决过程，争端 解决过程的核心是解释协议和承诺，保证成员国的贸易政策与 WTO的协议和成员国的承诺一致，由此减少贸易冲突演变成政治 或军事冲突的风险。通过减少贸易壁垒，WTO也降低民族和国家 之间其他壁垒。
世贸组织协定体现出的基本原则
非歧视进行贸易是世贸组织的基石， 是各国间平等地进行贸易的重要保证， 也是避免贸易歧视、贸易摩擦的重要 基础。非歧视贸易市场要通过最惠国 待遇和国民待遇原则加以体现。
Thank you!
世贸组织的最高决策权力机构是部长会议， 至少每两年召开一次会议。下设总理事会和 秘书处，负责世贸组织日常会议和工作。总 理事会设有货物贸易、非货物贸易（服务贸 易）、知识产权.
《财政金融英语综合教程》Unit 3
03 票汇 D/D
Demand Draft（D/D）：采用票汇时，买方从他的开户行购买银行汇票，
并将汇票邮寄给卖方。卖方或其指定人持此汇票从他所在地的有关银行提取货款。
04 付款交单 D/P
Documents against Payment（D/P）：卖方以买方的付款为条件，即
卖方将汇票连同货运单据交给银行托收时，指示银行只有在买方付清货款后，才 能交出货运单据。按时间不同又分为：即期付款交单：D/P at sight; sight D/P；远 期付款交单：D/P after sight.
付款交单
D/A：Document against Acceptance
承兑交单
to be on the safe side
为慎重起见
11
Useful sentences
1. We only accept payment by L/C.
我们只接受信用证。
2. I hope you would allow us to pay by D/P or D/A. 我希望您能允许我们用付款交单或者承兑交单方式付款。
3. We can’t make exceptions. 我们不能破例。
4. In order to conclude this transaction, how about 50% by L/C, 50% by D/P? 为了完成这项交易，一半用信用证，一半用付款交单怎样？
12
Useful sentences
15
Dialogue 3
16
过渡页
TRANSITION PAGE
Reading
17
New words and expressions
金融英语第三单元 金融稳定
19
3. Special Term
� �
Stress test: 压力测试 A stress test, in financial terminology, is an analysis or simulation designed to the ability of a given financial instrument or financial institution to deal with an economic crisis.
11
2. Vocabulary & Phrase
� � � � � �
In view of: 鉴于 Financial panic: 金融恐慌 FSAP 金融部门评估规划 Financial Sector Assessment Program Early warning system: 预警系统 Market segmentation: 市场细分 CAMEL 骆驼评级
23
3. Special Term
� �
Too Big to Fail: 大而不倒 The "too big to fail" theory asserts that certain financial institutions are so large and so interconnected that their failure would be disastrous to the economy, and they therefore must be supported by government when they face difficulty.
7
主要内容
3. 金融安全网 (1)金融监管 � (2)中央银行最后贷款人职能 � (3)投资者保护制度： � 存款保险制度 证券投资者保护基金 保险保障基金
商务英语阅读 Unit 3 International Investment and credit
c
d e
f
g
determined by chance, whim, or impulse ,and not by necessity, reason, or principle
act in accordance with someone's rules, commands, or wishes
key
1 2 3 g f b
4 5 6 7
match
e c d a
TEXT A
•
Notes
•
1. NAAEC: The North American Agreement on Environmental Cooperation (NAAEC) is an environmental agreement between the United States of America, Canada and Mexico as a side-treaty of the North American Free Trade Agreement. The agreement consists of a declaration of principles and objectives concerning conservation and the protection of the environment as well as concrete measures to further cooperation on these matters between the three countries. The Commission for Environmental Cooperation (CEC) was set up as part of the agreement. 2. FTA: This is article is on free international trade. For information on special economic zones within countries, see Free trade zone. Free trade area is a type of trade bloc, a designated group of countries that have agreed to eliminate tariffs, quotas and preferences on most (if not all) goods and services traded between them. It can be considered the second stage of economic integration. Countries choose this kind of economic integration form if their economical structures are complementary. If they are competitive, they are more likely to choose customs union
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Task 6
Fill in the blanks with the words or expressions given below. Change their
forms where necessary.
specify assume set forth acknowledge obtain due prior to in advance compliance draw up
Column B A. 原产地证 B. 装箱单 C. 检验证明书 D. 汇票 E. 提单
6 Commercial Invoice
7 Bill of Lading 8 Check Keys：1. C 5. B 2. D 6. F 3. G 7. E
F. 商业发票
G. 本票 H. 支票 4. A 8. H
Task 7
Complete the following sentences by translating the parts given in Chinese.
1. It is the issuing bank that is obligated to make the payment to the exporter （要负责向出口商付款）when proper documents are presented.
STATEMENTS 1 2 A bank plays a role of guarantor by issuing an L/C. The beneficiary of an L/C obtains payment from the issuing bank immediately after delivering goods. TRUE FALSE
The sight draft requires the bank to pay on demand, while the time draft is payable at a particular time in the future.
Task 3
Read Passage A and judge whether the following statements are TURE or FALSE. Put a tick (√) in the related box.
3 The sales contract
4 Those goods have to be inspected 5
Assuming one blog per person, this comes to 8 million US blogs alone.
specify
set forth
obtain
prior to
4. The bill of lading is a contract between (10) the exporter and (11) the shipping company . When properly prepared, it is (12) a document of title .
3
4 5 6 7
The exporter must see to it that the terms and conditions specified in the L/C are fulfilled.
When the terms in L/C have been met and the documentation is prepared, the fund can be paid out. Governments never prevent banks from honoring letters of credit that have already been issued. An importer might worry about the delivery of the imported goods if not under an L/C device. The draft is a financial instrument that requires the importer to pay or to accept.
8
The B/L is a document of title because it is issued by the exporter.
Task 4 Match each of the terms in Column A with its appropriate definition in column B.
Task 1 Match each of the items in Column A with its Chinese equivalents in Column B.
Column A 1 Certificate of Inspection 2 Bill of Exchange (Draft) 3 Promissory Note 4 Certificate of Origin 5 Packing List
5. letter of credit 6. importer
7. bill of lading
8. acceptance
Task 5
Complete the following note-taking according to Passage A.
1. From an exporter’s point of view, letters of credit have four advantages. They are: (1) the issuing bank becomes the guarantor of payment (2) the payment is assured when terms and conditions are fulfilled (3) payment can be obtained as soon as the necessary documentation has been properly provided ; (4) the risk of government restrictions on payment can be largely reduced . 2. The two advantages of letters of credit for the importers are: (5) the seller’s noncompliance is reduced ; ; ;
1 A documentary draft is a draft accompanied by documents of title to goods. The draft documents. 2 We cannot acknowledgeyour claim for damage due to defective packing. specifies container shipment for the goods. prior to shipment. is drawn up by the exporter who also collects other necessary
2. We wish to point out that if you fail to effect shipment within the time specified, we shall not be able to fulfill the contract with our client (与我方客人履行合同). they are in proper order
5. They a honce
(预先支付50美元) and made reservations at
6. The exporter can obtain immediate cash payment (能够立刻得到现金支付) by discounting it with the forfeiting bank in his country.
central bank should carry out a loose monetary policy. 8 The contract becomes
due
9 Don’t worry, all the case are strongly packed in compliancewith your request. 10 Fortunately our company local government. has obtained a loan for the project from the
(6) payment can be delayed until the documentation is properly presented .
3. The draft is drawn by (7) the exporter . It can be a (8) or a (9) time draft . sight draft ,
Column A 1. guarantor 2. receipt 3. contract 4. sight draft
Column B a. a draft payable as soon as it is presented b. formal agreement between 2 or more parties c. a signed agreement to pay a draft d. someone who promises to pay a debt if the person who should pay it does not e. a contract between a carrier and a shipper f. a piece of paper that proved that money, goods, or information have been received. g. a person, company, or country that buys goods from other countries so they can be sold in their own country. h. an official letter from a bank allowing a particular person to take money from another bank.