《国际结算补充》PPT课件.ppt

1、Prerequisite courses (先修课程)： Finance (金融学)、 International Finance (国际金融学)、 International Trade (国际贸易学) Prescribed text book (教材)： International Settlement，蔣琴儿、秦定主编,国 际结算理论实务案例( 双语教材), 清华大学出版 社, 2007.3版。,国际结算,贺瑛主编，复旦大学出版社， 2006.5版。,Other Reference（其他参考资料）：, International Settlement (Reference for Fin

2、ancial English Certificate Test, FECT) 苏宗祥，景乃权，张林森编著：国际结算,（第三版），中国金融出版社，2004.11。, International Business(Fifth Edition),Michael R.Czinkota，机械工业出版社,2003.4版,Subject Content (教学内容 ), ,第一讲（topic 1） 第二讲（topic 2） 第三讲（topic 3） 阶段练习 Quiz 1 第四讲（topic 4） 第五讲（topic 5） 第六讲（topic 6） 第七讲（topic 7） 阶段练习 Quiz 2 第八讲（

3、topic 8） 第九讲（topic 9） 第十讲（topic 10） 总复习（Review）,国际结算概述 Introduction 国际结算票据 Instruments 汇款与托收结算方式 Remittance addressed by one person to another; payable to bearer or to order; payable on demand or at a definite future time., Attributes of negotiable instruments 票据特征,1right to be paid (设权性 ) 2requisit

4、e in form (要式性),3subject to written clause (文义性) 4non-causative (无因性) 5negotiability (流通性) 6holders claim (债权性),7demand for certain sum of money only (货币性) 8. presentment (提示性),9. right of recourse (可追索性) 10.returnability (返还性), Functions of a negotiable instrument 票据作用,1. 2. 3. 4. 5.,means/ tool of

5、 payment /settlement (结算作用) proof of credit relation (信用作用) negotiable instrument (流通作用) offset of debt obligation (抵偿作用) means of financing (融资作用) Example,rt wool,Businessman,in UK,Businessman in Spain,expo,10,00,0,Businessman in France,10,000,export,wine,根据题意所示，英国商人可通过开立一张汇票向西班牙商人 索偿；同时，他又负有向法国商人支

6、付另一笔货款的义务 （法过商人也会开立汇票向英国商人索汇）。 然而，两笔结算业务可以合二为一。那么，如何利用票据的 作用来达到这个效果呢？,Law for negotiable instruments： anglo-american law system (英美法系) Bills of Exchange Act, 1882 (英国1882年票据法) Uniform Commercial Code,(美国1897,1952年统一商法典), continental law system (大陆法系 ) Uniform Law for Bills of Exchange ,Promissary No

7、tes,1930,日内瓦统一汇票、本票法公约(1930年),日内瓦统一支票法公约1931, International Convention of negotiable,instruments(draft),国际流通票据公约（草案）, Law of the Peoples Republic of China on,Negotiable Instruments,中华人民共和国票据法,我国的第一部票据法于 1995年 5月 10日由全国人大常,委会通过，并于 1996年 1月1日起实施。,2004年8月28日，经全国人民代表大会常务委员会通,过，对中华人民共和国票据法进行了修正，使其更适应 新形势

8、下经济生活的需要, Parties to a negotiable instrument,(票据当事人), Immediate parties (基本当事人),the drawer, drawee and payee., Remote parties (附属当事人),Holder (holder for value, holder in due course), acceptor, endorser, endorsee, acceptor for honor, guarantor and payer for honor,Acts of instrument (票据行为)分类示意图：,广,义,票

9、,据,行,为,票据行为,准票据行为,主票据行为,出票,附属票据行为,背书,承兑,保证,保付,参加承兑,提示,付款,拒付 划线,追索 涂销,参加付款,2. 2 Bills of Exchange,A bill of exchange is 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 (the dr

10、awee, who when he signs becomes the acceptor) 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 (the payee)., Bills of Exchange Act, 1882 of the,United Kingdom, Essentials of a bill of exchange (要项),(1) The wor

11、d “Exchange”; (2) An unconditional order in writing; (3) Name and address of the drawee; (4) Drawers signature(s); (5) Date and place of issue; (6) Name or business entity of the payee; (7) Tenor；(期限) (8) Place of payment; (9) Amount,Specimen,March 5th, 2006,ACCEPTED,Exchange for USD15,000.00,Shangh

12、ai.,March 20th, 2006,At 90 days after sight pay to Bank of China,Payable at,Shanghai Branch or order the sum of fifteen thousand,City Bank,US dollars only for value received.,N.Y. Branch,To: City Bank, N.Y. Branch N.Y., USA For Shanghai Textiles Import ,(2) An unconditional promise to pay; (3) Name

13、of the payee or his order; (4) Makers signature;,(5) Place and the date of issue; (6) Period of payment;,(7) A certain amount of money; (8) Place of payment.,Specimen,Promissory Note GBP60,000.00,London,Oct 22nd, 2005,At ninety days after date we promise to pay to the order of Moore Cooper Company t

14、he sum of sixty thousand sterling pounds only for value received. Payable at our main office, No., Street, London, UK Harvey Furniture Co., Ltd Jason Clerk General Manager, Characteristics of a promissory note,(1) It is an unconditional promise in writing;,(2)The basic parties：the maker and the,paye

15、e.,(3) There is no need to accept the,instrument. In all cases the maker is the primarily liable party.,(4) When issued, a promissory note has one original note only., The main use of Promissory Notes Promissory notes issued by banks ,for remittance, Promissory notes issued by,importers ,to grant pa

16、yments made in,installments lasting for quite long periods under transactions of capital goods for large amount of money.,2. 4. Check,A check is an unconditional order in writing addressed by the customer (the drawer) to a bank (the drawee) signed by that customer authorizing the bank to pay on dema

17、nd a specified sum of money to or to the order of a named person or to bearer (the payee)., Essentials to a check,(1) The word “check” clearly indicated; (2) An unconditional order in writing; (3) Name of the paying bank; (4) Drawers signature;,(5) Place and date of issue;,(6) Address of the paying

18、bank; (7) A sum certain in money; (8) Name of the payee.,Specimen No.333888,Check for USD7,500.00,London,Feb 28th, 2004,Midland Bank London Pay to Philip (2) A check must be drawn on a bank; (3) A sum certain in money;,(4) A check must be signed by the drawer，and,the drawer is the party primarily li

19、able;,(5) A check need not be accepted;,(6) A check is payable only on demand; (7) A check is drawn only in form of a sole,instrument, but not in a full set., Classifications of checks (1) Crossed checks General crossing Special crossing Specimen,_,_ , The nature of the merchandise; Industry norms;,

20、 The distance between the buyer and the seller;, The potential for currency fluctuation, Political and economic stability in both the buyer and the sellers country.,3. 1. Remittance, Remittance means the cross-border direct transfer of funds by banks. The remitting bank pays a predetermined amount o

21、n the request of remitter (obligor/importer),through the foreign correspondent bank or agent bank (paying bank) to,payee/beneficiary (obligee/ exporter) . the buyer on his own initiative remits money to the seller through a bank ., Three basic ways for a bank to transfer funds for its client from th

22、e home country to abroad., mail transfer remittance, MT 信汇 telegraphic transfer , TT 电汇 demand draft. DD 票汇, Remittance by airmail- Mail Transfer (M/T),Remitter/importer (1)Handing over application and fund by a check (2)Turning back the stub Remitting bank,Payee/exporter (4)Advising (5) Signing a (

23、6) receipt Paying (3)Posting M/T advice (or payment order) Paying bank (7)Posting Debit memo, Remittance by cable / telex / SWIFT -,Telegraphic Transfer (T/T),T/T is exactly the same as a mail,transfer, except that instructions from the remitting bank to the paying bank are transmitted by cable / te

24、lex / SWIFT instead of by airmail., SWIFT (Society for Worldwide Inter-bank,Financial Telecommunication) is a,Brussels-based society owned by member banks, which was launched in May 1973. SWIFT is computer-based and designed to promote the speedy transfer of,international funds. In 1991 it connected

25、 more than 3 700 end-users., Its features are: (1) safety, (2) high speed,(3) low expense, and (4) automation., Remittance by bankers demand draft (D/D),The remitting bank at the request of the client draws a bankers draft on its overseas branch or its correspondent abroad ordering the latter to pay

26、 on demand the stated amount to the holder of the draft. It is often used when the client wants to transfer the funds to his beneficiary himself.,Remitter (2) Issuing draft (1) Application and fund Remitting bank,(3)Mailing bank draft,(4)Mailing the stub (7)Debit memo,Payee (5) Handing over draft (6

27、)Verifying and paying Paying bank, Practice of remittance in trade settlement：,(1) Payment in advance,The importer may pay the exporter at,some agreed stage prior to,dispatch/delivery of goods by using any of the following means of remittance through banks: M/T, T/T, D/D SWIFT message or an internat

28、ional money order.,(2) Open Account (O/A),Open account business is also called payment after arrival of goods, under which the exporter sends shipping,documents to the buyer who remits in due course or at agreed intervals the agreed price through bank by M/T, T/T or D/D., Conclusion:,These two metho

29、ds are not popularly used in international trade settlement,because of the risk involved for either the importers or the exporters.,Remittance is so risky that it is,incidentally used for small percentage of the contract, and commonly used to pay commissions, advertisements and miscellaneous expense

30、s.,3. 2. Collection,Collection means the mechanism for handling financial and commercial documents by banks in accordance with instruction from principal in order to:, obtain payment and/or acceptance;, deliver documents against payment and/or,against acceptance, or, deliver documents on other terms

31、 and,conditions.,Collection is a settlement type of reverse remittance on commercial credit basis., Four main parties to a collection,transaction：, the principal (seller / exporter / drawer) the remitting bank (principals / sellers / exporters bank), the collecting or presenting bank the drawee (buy

32、er / importer), Types of Collection ：,(1) Clean Collection 光票托收,Clean collection means collection of,financial documents not accompanied by commercial documents.,In most cases the financial document is a draft only; in other cases it may be a check, promissory note, certificate of deposit issued by

33、foreign banks, savings passbook issued by foreign banks or post offices and so on.,(2) Documentary Collection 跟单托收,Documentary collection means collection of,financial documents accompanied by commercial documents, or commercial documents not accompanied by financial documents.,The necessary commerc

34、ial document is the title document, such as the bill of lading. A,collection with commercial documents other than a title document (such as invoice and so on) is also a clean collection.,(8) Releasing documents,Exporter,(Principal),Importer,instruction attached with full set of documents,(5) Forward

35、ing instructions and documents,payment,(10) D/P (14) D/A,(Drawee) (7),Acceptance Payment (12) Paying after days,(11) delivering goods (6),presentation D/A D/P,Creditmemo (advice),(9) D/P (13) D/A,(1) specifying collection type,in sales contract,(2) loading goods on board (3) obtaining B/L Improves liquidity of possible losses through only,partial state or private insurance cover