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金融英语:国际结算的一些纲要

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  I. Instruments

  A. A brief introduction

  1. What s instruments? ① a broad sense: a commercial document of title;

  ② a narrow sense: a specific, negotiable security for the purpose of paying money signed by the drawer on it which is unconditionally agreed to pay a sum in certain by the himself or by another. E.g. if agreed to pay by the maker, it is promissory note; if agreed to pay by another, it may be a draft or a cheque.

  2. The role of instruments

  (1) function of settlement; (2) function of credit guarantee;

  (3) negotiability (4)function of paying off debts

  3. Kinds of instruments: financial (cheque, notes, drafts) / commercial instruments (B/L, invoice, certificate of origin, packing list, etc.)

  B. Main notes used in international settlement P1——8

  1. Cheque P1—4

  (1) Definition: an unconditional order in writing drawn on a bank by the drawer, requiring the bank to pay a sum certain in money to or to the order of a named person or to the bearer.

  (2) Clearing cheques (Procedure of clearing a cheque shown as follows)

  Drawer Drawing a cheque to the payee → Payee

  ∣ ∣

  ∣ ∣

  Cheque AC Mandate Presenting the cheque

  ↓ ↓

  Paying Bank ← Credit Advice Collecting Bank

  Payment to Collecting Bank →

  A. the collecting bank

  Its responsibility of scrutinizing a cheque

  i. Date: ① out of date ② post-dated ③ undated

  ii. Payee

  iii. Words & figures

  iv. Signature

  v. Crossings

  vi. Endorsements:

  ① how to endorse a cheque

  ② kinds of endorsements

  (i) Blank endorsements

  (ii) Specific endorsements

  (iii) Restrictive endorsements

  B. the paying bank

  Its obligations:

  i. Legal obligations to honor dishonor a cheque

  ii. Identifying the paying bank & time limits for dishonoring cheques

  ii. Scrutinizin g the cheque & the AC mandate

  C. The payee

  D. Crossings

  Kinds of crossings: ① general; ② special(add name of a bank)

  2. Draft P5—6

  (1) Definition: an unconditional order in writing prepared or drawn by one person(drawer) and addressed to another(drawee), requiring or directing the drawee to pay a specific sum of money to or to the order of a third person (the payee), to the bearer, on demand or at a fixed or determinable future time. (Refer to ① P15:bill of exchange; ② P121:Def with a specimen)

  (2) Kinds

  A. Whether accompanying docs or not : Clean/Documentary drafts P5

  B. Maturity: Sight (demand) drafts/tenor(time, usance) drafts P5

  C. Source: Commercial/Bank drafts P6

  (3) With or Without recourse P5

  (4) Bank Drafts —— a cheque drawn by one bank on another

  (5) Endorsements of a draft (Refer to P2—3 that of a cheque)

  3. Promissory note P7

  (1) Definition: 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 the bearer.

  (2) Differences between a promissory note and a draft or a cheque

  4. Traveler s cheque P7

  Non-trade settlement item; Difference between traveler‘s cheque & L/C

  ?●?Credit cards P7—8

  (1) Non-trade settlement item;

  (2) Kinds: ① Credit card/Debit card; ② Banking card/non-banking card ;

  (3) five biggest Cos in the world: ① VISA International ② Master Card International; ③ American Express Company; ④ JCB Credit Card Company ⑤ Diners Club International.

  II. Remittance

  1. A brief introduction:

  (1) a means of settlement

  (2) Kinds: ① instruments of remitting M/T; T/T; D/D; ② inward / outward

  2. Mail transfer & Telegraphic transfer P8—9

  (1)Book-keeping for transfers of funds

  UK Customer: outward remittance in GBP—— how to record ?

  C ustomer AC Vostro AC

  Dr. GBP xxxx │ │Cr. GBP xxxx

  UK Customer: outward remittance in forCurrency—— how to record?

  C ustomer AC Nostro AC

  Dr. GBP xxxx │ │Cr. ForCurrency xxxx

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