《国际结算补充》PPT课件

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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 forFinancial Eng

2、lish 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（topic 8）第九讲（topic 9）第十讲

3、（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 ondemand or at a definite future time. Attributes of negotiable instruments 票据特征1right to be paid (设权性 )2requisite in form (要式性)3subject to written

4、 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 payment /settlement (结算作用)proof of credit relat

5、ion (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 woolBusinessmanin UK Businessmanin Spainexpo10,000 Businessmanin France10,000exportwine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

6、？ 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 Notes,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 nego

7、tiableinstruments(draft)国际流通票据公约（草案） Law of the Peoples Republic of China onNegotiable 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,

8、drawee and payee. Remote parties (附属当事人)Holder (holder for value, holder in duecourse), acceptor, endorser, endorsee,acceptor for honor, guarantor and payerfor honor Acts of instrument (票据行为)分类示意图：广义票据行 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 ExchangeA bill of exchange is a

9、n unconditional order inwriting. Addressed by one person (the drawer)to another (the drawee), signed by the persongiving it, requiring the person to whom it isaddressed (the drawee, who when he signsbecomes the acceptor) to pay on demand, or ata fixed or determinable future time, a sumcertain in mon

10、ey, to or to the order of a specifiedperson, or to bearer (the payee). Bills of Exchange Act, 1882 of theUnited Kingdom Essentials of a bill of exchange (要项)(1) The word “Exchange”;(2) An unconditional order in writing;(3) Name and address of the drawee;(4) Drawers signature(s);(5) Date and place of

11、 issue;(6) Name or business entity of the payee;(7) Tenor；(期限)(8) Place of payment;(9) Amount Specimen March 5th, 2006ACCEPTED Exchange for USD15,000.00 Shanghai.March 20th, 2006 At 90 days after sight pay to Bank of ChinaPayable at Shanghai Branch or order the sum of fifteen thousandCity Bank, US d

12、ollars only for value received.N.Y. Branch To: City Bank, N.Y. BranchN.Y., USA For Shanghai Textiles Import(2) An unconditional promise to pay;(3) Name 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 paym

13、ent. SpecimenPromissory Note GBP60,000.00 London Oct 22nd, 2005At ninety days after date we promise to pay to theorder of Moore Cooper Company the sum of sixtythousand sterling pounds only for value received.Payable at our main office,No., Street,London, UK Harvey Furniture Co., LtdJason ClerkGenera

14、l Manager Characteristics of a promissory note(1) It is an unconditional promise in writing;(2)The basic parties：the maker and thepayee.(3) There is no need to accept theinstrument. In all cases the maker is theprimarily liable party.(4) When issued, a promissory note hasone original note only. The

15、main use of Promissory Notes Promissory notes issued by banks for remittance Promissory notes issued byimporters to grant payments made ininstallments lasting for quite longperiods under transactions of capitalgoods for large amount of money. 2. 4. CheckA check is an unconditional order inwriting ad

16、dressed by the customer (thedrawer) to a bank (the drawee) signed bythat customer authorizing the bank to payon demand a specified sum of money to orto the order of a named person or tobearer (the payee). Essentials to a check(1) The word “check” clearly indicated;(2) An unconditional order in writi

17、ng;(3) Name of the paying bank;(4) Drawers signature;(5) Place and date of issue;(6) Address of the paying bank;(7) A sum certain in money;(8) Name of the payee. Specimen No.333888Check for USD7,500.00 London Feb 28th, 2004Midland BankLondonPay to Philip (2) A check must be drawn on a bank;(3) A sum

18、 certain in money;(4) A check must be signed by the drawer，andthe drawer is the party primarily liable;(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 soleinstrument, but not in a full set. Classifications of checks(1) Crossed checksGener

19、al crossingSpecial crossingSpecimen_ _ The nature of the merchandise; Industry norms; The distance between the buyer and theseller; The potential for currency fluctuation Political and economic stability in both thebuyer and the sellers country. 3. 1. Remittance Remittance means the cross-border dir

20、ecttransfer of funds by banks. The remittingbank pays a predetermined amount on therequest of remitter (obligor/importer)through the foreign correspondent bank oragent bank (paying bank) topayee/beneficiary (obligee/ exporter) . the buyer on his own initiative remitsmoney to the seller through a ban

21、k . Three basic ways for a bank to transferfunds for its client from the home countryto 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 overapplication andfund by a check(2)Turningback the

22、stub Remitting bankPayee/exporter(4)Advising(5)Signing a(6) receiptPaying (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 mailtransfer, except that instructions from theremitting bank

23、 to the paying bank aretransmitted by cable / telex / SWIFTinstead of by airmail. SWIFT (Society for Worldwide Inter-bankFinancial Telecommunication) is aBrussels-based society owned by memberbanks, which was launched in May 1973.SWIFT is computer-based and designedto promote the speedy transfer ofi

24、nternational funds. In 1991 it connectedmore 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 theclient draws a bankers draft on its overseasbranch or its correspondent

25、 abroadordering the latter to pay on demand thestated amount to the holder of the draft.It is often used when the client wants totransfer the funds to his beneficiary himself. Remitter(2)Issuingdraft (1)Applicationand fundRemitting bank(3)Mailing bank draft(4)Mailing the stub(7)Debit memoPayee(5)Han

26、dingover draft(6)Verifyingand payingPaying bank Practice of remittance in trade settlement：(1) Payment in advanceThe importer may pay the exporter atsome agreed stage prior todispatch/delivery of goods by using any ofthe following means of remittance throughbanks: M/T, T/T, D/D SWIFT message oran in

27、ternational money order. (2) Open Account (O/A)Open account business is also calledpayment after arrival of goods, underwhich the exporter sends shippingdocuments to the buyer who remits in duecourse or at agreed intervals the agreedprice through bank by M/T, T/T or D/D. Conclusion:These two methods

28、 are not popularlyused in international trade settlementbecause of the risk involved for either theimporters or the exporters.Remittance is so risky that it isincidentally used for small percentage ofthe contract, and commonly used to paycommissions, advertisements andmiscellaneous expenses. 3. 2. C

29、ollectionCollection means the mechanism for handlingfinancial and commercial documents by banks inaccordance with instruction from principal inorder to: obtain payment and/or acceptance; deliver documents against payment and/oragainst acceptance, or deliver documents on other terms andconditions.Col

30、lection is a settlement type of reverseremittance on commercial credit basis. Four main parties to a collectiontransaction： the principal (seller / exporter / drawer) the remitting bank (principals / sellers /exporters bank) the collecting or presenting bank the drawee (buyer / importer) Types of Co

31、llection ：(1) Clean Collection 光票托收Clean collection means collection offinancial documents not accompanied bycommercial documents.In most cases the financial document isa draft only; in other cases it may be acheck, promissory note, certificate ofdeposit issued by foreign banks, savingspassbook issu

32、ed by foreign banks or postoffices and so on. (2) Documentary Collection 跟单托收Documentary collection means collection offinancial documents accompanied bycommercial documents, or commercialdocuments not accompanied by financialdocuments.The necessary commercial document is thetitle document, such as

33、the bill of lading. Acollection with commercial documents other thana title document (such as invoice and so on) isalso a clean collection. (8) Releasing documentsExporter(Principal) Importerinstruction attachedwith full set ofdocuments(5) Forwarding instructions and documentspayment(10) D/P(14) D/A

34、 (Drawee)(7)Acceptance Payment(12)Payingafterdays(11)deliveringgoods(6)presentationD/A D/PCreditmemo (advice) (9) D/P(13) D/A (1) specifying collection typein sales contract(2) loading goods on board(3) obtaining B/L Improves liquidity of possible losses through onlypartial state or private insuranc

35、e cover and thenegation of possible liquidity problems which areunavoidable during the claim period with insurancecover; There is no interest rate risk; There is no risk of fluctuations in the exchange ratenor changes in the status of the debtor. Topic 10. Banking system and Clearingsystem in Intern

36、ational Settlement10.1 Inner bank system Head OfficeBranch Sub-branchsister banksubsidiaries，which are independent legal entities 10.2 Overseas Correspondents correspondent agency arrangementcontrol documents book of authorised signatures、 test keys schedule of terms and conditionsDepository bank an

37、d Nondepository bank 10.3 Types of the account1） nostro account (往户帐)：我方存放国外同业账户,多为境外货币户头2） vostro account (来户帐)：外国同业存放我方账户3） clearing account (清算帐户)：政府间清算、不使用现汇的记帐帐户。 10.4 Payment Systems SWIFT 环球银行间金融电讯协会(Society for World-wide Inter-bank FinancialTelecommunications) CHAPS 伦敦银行同业自动清算系统(Clearing House Automated Payment System) CHIPS纽约银行同业电子清算系统(Clearing House Inter-bank Payments System) TARGET(Trans-European AutomatedRealtime Gross Settlement Express Transfer) BOJ-NET 日本银行金融网络体系 CHATS 香港银行间清算所自动转账系统(Clearing House Automated Transfer System).