金融英语 chapter 7

1PartSevenInternationalSettlement2I.Instrument1.BillofExchangeA.DefinitionAbillofexchangeisanunconditionalorderinwriting,addressedbyonepersontoanother,signedbythepersongivingit,requiringthepersontowhomitisaaddressedtopayondemand,oratafixedordeterminablefuturetime,asumcertaininmoney,toortotheorderofaspecifiedperson,ortothebearer.(见下图)3BillofExchange(h)(j)AmountUSD100,000.00London,1stAugust2005(g)(a)(f)(i)At30dayssightpayBankofCCC,Hangzhouororder(h)ThesumofSayUnitedStatesDollarsOneHundredthousandonlyForvaluereceived(c,e)(b,d)ToVivianWuClarenceDavid18TamperRoad,NewYorkTTTCo.Ltd.,London4B.DemandandUsanceBillsAbillispayableondemandifitissospecifiedoriftimeforpaymentisnotexpressed.Inaddition,abillmaybepayablethreemonthsafterdate/thedeathofMr.B/sight.Thebilliscalledusancebill.2.ChequesA.DefinitionAchequeisanunconditionalorderinwriting,addressedbyapersontoabank,signedbythepersonmakingit,requiringthebanktopayondemandasumcertaininmoneytoortotheorderof,aspecifiedpersonortothebearer.5B.PartiestoaChequeThreepartiesareessentiallyinvolved:----Payee:Apersontowhomachequeisexpressedtobepayable;----Drawer:Thepersonwhowritesthecheque:----Drawee:Thebankonwhomthechequeisdrawnandtowhomtheordertopayisgiven.(见下图)(c)AABBCCBANKLIMITEDCH.NO.1234518June2005(a)PayClarenceDavid**********orbearerUSD1,000.00ThesumofSayUnitedStatesDollarsonethousandonly.(b)HelenChengA/CNo.000-54321-8886C.Traveller’sChequeAtraveller’schequeisadraftofabankortravelagencywhichisself-identifyingandmaybecashedatbanks,hotelsetc.,eitherthroughouttheworldorinparticularareasonly.Theself-identificationisprovidedbyobtainingthesignatureofcustomeratthetimeofissuance,withthesecondspaceforhissignaturebeingleftblankuntilpresentationforcashing.73.PromissoryNotesApromissorynoteisanunconditionalpromiseinwritingmadebyoneperson(themaker)toanother(thepayeeortheholder)signedbythemakerengagingtopayondemandoratafixedordeterminablefuturetimeasumcertaininmoneytoortotheorderofaspecifiedpersonortobearer.Apromissorynoteisapromise,whileabillisanorder.Therearenoprotestandacceptanceforthepromissorynote.(见下图)8PROMISSORYNOTE(f)USD1,000.00NewYork,18July2005(e)Onthe30thAugust2005fixedbythePromissorynote(a)(d)(c)IpromisetopayClarenceDavidororder(f)ThesumofSayUnitedStatesDollarsonethousandonly(b)VivianWu9Ⅱ.MeansofInternationalSettlement1.RemmittanceA.M/TandT/Ti.NostroandVostroAccountsAnostroaccountisourbank’saccountinthebookofanoverseasbank.Avostroaccountisanoverseasbank’saccountwithourbank.ii.Book-KeepingforTranfersofFundsWhenacustomerwishestotransferfundstothebankaccountofabeneficiaryabroad,thebook-keepingisasfollows,assumingthatanaccountrelationshipexistsbetweentherespectivebanks:10●Debitthecustomer’saccountwiththeamounttotransfer,plusbankingcharges,andcredittheaccountoftheoverseasbankunderadvicetoit.Thisisavostroaccountfromthecustomer’sbank’spointofview.●Onreceiptoftheadvice,theoverseasbankwillwithdrawtheamountfromthevostroaccount,andcreditthebeneficiary’saccount,lessitscharges.Or,●Debitthecustomer’saccountwiththeamounttotransfer,plusbankingcharges,andcreditthecurrencytothenostroaccountforreconciliation.●Advicetheoverseasbankthatitcandebitthenostroaccountwiththerequisiteamountandcreditthefundstotheaccountofthebeneficiary.11iii.ProcedureofM/TandT/TOnreceiptofthecustomer’sinstructions,thebookkeepingwillbeapplied.Thecustomer’sbankwilladvisetheoverseasbankofthetransactionbyairmail,andthepaymentinstructionmustbesignedbyauthorizedsignatories.ThisissocalledM/T,mailtransfer.IfT/T,atelegraphictransfer,isused,thesameprocedureasformailisadopted.However,theinstructionstotheoverseasbankaresentbyTelexorSWIFT.12B.D/DD/D,ademanddraft,isineffectabillofexchangedrawnbyonebankonanotherpayableondemand.Whenthecustomerreceivesthedraft,hewillforwardittothebeneficiarywhowillpayitintohisbankforcredittohisaccount.Consequently,thebankcollectthedrafttotheissuingbank.Thebankwon’tcreditthecustomer’saccountuntilitispaid.Ithassomedisadvantages.(P190)13C.OpenAccountandCashinAdvancei.OpenAccountItmeansthatthegoodsaremanufacturedanddeliveredbeforepayment.Ithassomeadvantagesanddisadvantages.THEAdvantagestotheBuyer:——Hepaysforthegoodsonlywhentheyarereceived;——Paymentisconditionedonpolitical,legalandeconomicissues.14THEDisadvantagestotheSeller:——Hereleasesthetitletothegoodswithouthavingassuranceofpayment;——Thereispossibilitythatpoliticaleventswillimposeregulationswhichdeferorblockthemovementoffundstoit;and——Hiscapitalistiedupuntilthegoodsarereceived.ii.CashinAdvanceItmeansthatthebuyerplacesthefundsatthedisposalofthesellerpriortoshipmentofthegoodsorprovisionofservices.Italsohassomeadvantagesanddisadvantages.(见下页图)15•Thismethodofpaymentisused:——whenthebuyer’screditisdoubtful;——whenthereisanunstablepoliticaloreconomicenvironmentinthebuyer’scountry;and/or,——ifthereisapotentialdelayinthereceiptoffundsfromthebuyer.•Ithasadvantagesanddisadvantages:AdvantagestoSeller:receivefundsbefore;DisadvantagestoBuyer:——Itpaysinadvance,tyingupitscapital;——Ithasnoassurancethatwhathecontractedforwillbesupplied/received……162.CollectionA.OutwardCollectio