International Settlement 2

国际结算Copyright by Fei Zhonglin School of Economics and Management NJUT 1费钟琳南京工业大学经济与管理学院E -Mail ：zhonglin.fei zhonglin.fei@@gmail gmail.c .com om除了上课和阅读教材，还有什么办法学习国际结算知识，解答疑问？查阅参考资料：相对权威系统的信息 查阅专业网站：最新最实用的信息通过邮件询问老师：最人性化的方式第一章国际结算概述全球化国际贸易Copyright by Fei Zhonglin School of Economics and Management NJUT3全球生产 全球买家/卖家 出国留学国际支付什么是“国际结算”？“国际结算(International Settlement)是指为清偿国际间债权债务关系或跨国转移资金而发生在不同国家之间的货币收付活动。

清偿国际间的债权Copyright by Fei Zhonglin School of Economics and Management NJUT4债务关系以及跨国资金转移是国际结算的基本目的，国际结算(跨国货币收付)是其手段。

不同国家之间之所以存在债权债务关系，是因为国际间存在着广泛的政治、经济、军事、文化等各方面的交往，这些交往常常会伴随着资金流动。

”P. P. 22国际结算的分类贸易结算（International trade settlement ）伴随国际商品交易或服务贸易等有形贸易产生的非贸易结算（International non International non--trade settlement ）:Copyright by Fei Zhonglin School of Economics and Management NJUT5因其他经济、政治、文化活动引起的货币收付 贸易活动中的服务费：insurance premium, freight, postage, cable charges, bank commission, etc.; 对外投资、筹资; 其他国际支付其他国际支付：：overseas remittances, educational expenses, inheritance, etc.PP.3PP.3--4课程主要内容支付工具（Negotiable instruments ）支付方法（Payment techniques ）单据（Documents ）Copyright by Fei Zhonglin School of Economics and Management NJUT 6table contents of the textbook国际惯例国际惯例vs.法律不具有强制性Copyright by Fei Zhonglin School of Economics and Management NJUT 7 具有国际性具有相对稳定性P.7有关有关支付工具支付工具的的法律法律：：Uniform Laws for Bills of Exchange and Promissory Notes of Geneva of 1930yUK Bills of Exchange Act of 1882US Uniform Commercial Code of 1962P.7Copyright by Fei Zhonglin School of Economics and Management NJUT 8有关有关支付方法支付方法的的惯例惯例（（ICC publications)For documentary collections: URC 522 For documentary credits : UCP 600Fo g a antees URDG 458URCG 325For guarantees: URDG 458, URCG 325P.8Copyright by Fei Zhonglin School of Economics and Management NJUT9InternationalChamber of CommerceFounded in 1919 by a small group of far Founded in 1919 by a small group of far--sighted business leaders who called themselves “the merchantsof peace ”.Thousands of member companies and associations from Copyright by Fei Zhonglin School of Economics and Management NJUT10Thousands of member companies and associations from over 140 countries.ICC promotes an open international trade and investment system and the market economy. /http://www.icc /有关有关单据单据的国际条约及规则的国际条约及规则Hague Rules Visby Rules Visby Rules Hamburg RulesINCOTERMS 2000 (2010)P.9Copyright by Fei Zhonglin School of Economics and Management NJUT 11清算系统（International Clearing Systems ）Funds need to be transferred between the buyers and the sellersBanks are willing to raise liquidity ofBanks are willing to raise liquidity of money to make more profitThe challenge of today is to move money as fast as possible, at the lowest possible cost and with most complete information to customers.Copyright by Fei Zhonglin School of Economics and Management NJUT12CHIPS CHIPS: Clearing House Inter : Clearing House Inter--bank Payment System （交换银行相互收付系统）Established in 1920 in New York, U. S., more than 100 American and foreign banks.Copyright by Fei Zhonglin School of Economics and Management NJUT13A voluntary organization, not only an electronic dollar payment system in the U.S. but also an international dollar payments computerized system.FedWire Funds Transfer SystemFederal Reserve Settlement System （联邦电子资金划拨系统）Copyright by Fei Zhonglin School of Economics and Management NJUT 14The first payment and clearing system and the largest funds transfer system in the United States; it belongs to and run by United States; it belongs to and run by the the Federal Reserve System Federal Reserve System..TARGET TARGET: The Trans : The Trans--European Automated Real European Automated Real--time Gross settlement Express Transfer system（跨欧洲自动实时总结算快速支付系统）The real The real--time gross settlement system for the euro;Consists of 15 national real Consists of 15 national real--time gross settlement (RTGS)systems and the ECB payment mechanism Copyright by Fei Zhonglin School of Economics and Management NJUT 15(RTGS) systems and the ECB payment mechanism (EPM), which are interlinked so as to provide a uniform platform for the processing of cross uniform platform for the processing of cross--border payments;A payment infrastructure; offer a premium payment service which will overcome national borders between payment systems in the EU.CHAPS CHAPS: Clearing House Automated Payment : Clearing House Automated Payment System （交换银行自动收付系统）Established in London in 1984, acomputerized pound sterling paymentsCopyright by Fei Zhonglin School of Economics and Management NJUT 16system in London and an international pound sterling payment system.CNAPS （China National Advanced Payment System ）中国国家现代化支付系统The development of the electronic paymentsystem in China Copyright by Fei Zhonglin School of Economics and Management NJUT 17yFunds clearing system (资金清算系统）mid and late 1980s, the People ’s Bank of China started to build this system, and most of the cities have set up intercity clearing system.Inter Inter--city bill clearing system(同城票据清分系统）early 1990s, 16 developed cities (Beijing, Shanghai,Guangzhou, Shenzhen, Tianjin, etc.) established inter inter--city bill automatic clearing system, from the manual processing of bills to automatic clearing.Copyright by Fei Zhonglin School of Economics and Management NJUT 18National Electronic Inter National Electronic Inter--bank system （全国电子联行系统）established in 1989 by the People ’s Bank of China, more than 1600 cities, 18,000 banksChina National Advanced Payment System(中国国家现代化支付系统)in October 2000, the People ’s Bank of China decided to design it, and on October 8, 2002, the payment system was put into operation in Beijing and Wuhan successfully, connecting to the inner systems ofi l b k h i l i f Copyright by Fei Zhonglin School of Economics and Management NJUT 19commercial banks, the accounting clearing system of the People ’s Bank of China, the system of national fiscal system, by December 14, 2003, 32 provincial capital cities had started the payment system. The aim is to form CNAPS, based on the electronic exchange system and inner exchange system and inner--city bill clearing system.SWIFT SWIFT: Society for Worldwide Inter : Society for Worldwide Inter--bankFinancial Telecommunication (环球同业银行金融电讯协会)A ti fit i t t bli h d i /Copyright by Fei Zhonglin School of Economics and Management NJUT20A cooperative, non A cooperative, non--profit society, established in Brussels under Belgium law in May 1973.The Bank of China, in 1983. By 1990, the Bank of Communications, the Industrial andCommercial Bank of China, the Agricultural Bank of China, etc .Distinct benefits offered by SWIFT实用: 7天24小时: 快速: 几秒钟安全: 会员, 电报密押, SWIFT 证实押（SAK ）标准化：MTCopyright by Fei Zhonglin School of Economics and Management NJUT21国际国际结算业务中的往来银行结算业务中的往来银行国际金融业务中的银行国际金融业务中的银行机构机构1.代表处(Representative office)2(Agency Office)2.代理处(Agency Office)3.海外分、支行(境外联行)(Overseas Sister Bank/Branch, Sub branch)4.附属银行(子银行)(Subsidiary Banks)5.联营银行(Affiliated Banks)6.银团银行(Consortium Bank)各种形式银行机构的区别： 是否独立法人？是：子行、联营银行、银团银行 否：代表处、代理处、分行 银行业务范围？无：代表处（非营业性公关机构） 窄：代理处（非存款业务） 广：分行、支行、子行代理银行（往来银行）：“不是自家人”代理行与帐户行代理行不一定是账户行，代理行分两类：有帐户关系的代理行 无帐户关系的代理行账户行却一定是代理行代理行数目﹥帐户行数目建立代理行（往来银行）关系的必要性1、全球经济一体化的要求2、国际贸易发展的要求3、各国金融法规制约的产物4、节约商业银行的外汇开支代理行（往来银行）的选择1、境外联行、子行是最优选择账户行是次优选择2、账户行是次优选择3、非账户行是次次优选择建立代理（往来）关系的步骤：1.考察了解对方银行的资信2.签订代理协议并互换控制文件控制文件（control documents ）类型：Telegraphic test key a)电报密押（Telegraphic test key ）b)有权签字人印鉴样本（Authorized signatures ）c)费率表（Schedule of terms and conditions ）d)SWIFT 证实押（SWIFT authentic key ,SAK)3.双方银行确认控制文件存款行Depositor 账户行Depository 活期存款账户Current a/cCorrespondCorrespondVostro account and account and Nostro Nostro accountVostro account （来帐）:B’s account with A Nostro account （往帐）:A’s account with B B k A Copyright by Fei Zhonglin School of Economics and Management, NJUT29Vostro account:A’s account with B Nostro account:B’s account withABank BBank AMidland Bank Citibank USD a/cMidland Bank,London,UKCitibank,New York,USAGBP a/c实战操练（1）业务背景：交通银行的客户ABC CO.LTD 需要汇款至XYZCO.LTD，收款人的开户行为招商银行上海分行China Merchants Bank Shanghai Branch （China Merchants Bank，Shanghai Branch），该行深圳总行的账户行是大通银行（TheChase Bank）实际操作：用头寸法操作这笔汇款业务。

KEY OF INTERNATIONAL SETTLEMENTChapter 11.Put the following phrases into English2.Put the following sentences into English(1)国际结算涉及有形贸易和无形贸易，外国投资，从其他国家借贷资金，等等。

The international settlement involves tangible trades, intangible trades, foreign investments, funds borrowed from or lent to other countries and so on.(2)许多银行注重发展国际结算和贸易融资的业务。

Many banks have focused on their business of international settlement and trade finance.(3)大多数国际间的支付来自于世界贸易。

Most of the international payments originate from transactions in the world trade.(4)一般来说，国际结算的方式分为三类：汇款、托收和信用证。

Usually the international settlement is divided into three broad categories: remittance, collection and letter of credit.3. True or False1)International payments and settlements are financial activities conducted inthe domestic country. (F)2)Fund transfers are processed and settled through certain clearing systems.(T)3)Using the SWIFT network, banks can communicate with both customers andcolleagues in a structured, secure, and timely manner.(T)4)SWIFT can achieve same day transfer.(T)4.Multiple Choice1)SWIFT is __B__A.in the united statesB. a kind of communications belonging to TT system for interbank’s fundtransferC.an institution of the United NationsD. a governmental organization2)SWIFT is an organization based in __A___A.BrusselsB.New YorkC.LondonD.Hong Kong3) A facility in fund arrangement for buyers or sellers is referred to __A___A.trade financeB.sale contractC.letter of creditD.bill of exchange4)Fund transfers are processed and settled through __C___A.banksB.SWIFTC.clearing systemD.telecommunication systems5)__C__is the reason why international trade first began.A.Uneven distribution of resourcesB.Patterns of demandC.Economic benefitsparative advantages5. Answer the following questions1)Where are the medium of exchange originated from?Tracing back the history of international settlement, the medium of exchange originated from coins to notes.2)What will inevitably lead to under the international political, economic andcultural exchanges?The international political, economic and cultural exchange inevitably leads to credits and debts owed by one country to another.3)Why do banks focus on the development of the businesses of internationalsettlement?Banks focus more and more on the development of the businesses because it isa major resource of profits.4)What will banks do to meet the higher and higher demand of the internationalmarket?Banks need to develop innovative products and deliver the best services possible in whatever way they can.Chapter 21.Put the following phrases into English2.Put the following sentences into English(1)用于国际结算的货币是可兑换的货币。

联合国关于调解所产⽣的国际和解协议公约（中英⽂对照）445期编者按2018年6⽉27⽇联合国贸易法委员会第五⼗⼀届会议通过了《联合国关于调解所产⽣的国际和解协议公约》，12⽉20⽇，第73届联合国⼤会通过了该公约。

2019年8⽉，该公约将在新加坡开放签署。

如果中国拟签署该公约，将涉及到⼀些法律修改以及与相关司法制度衔接层⾯的问题。

社会各界、专家学者、司法实务部门都在认真研究《新加坡公约》的具体内容，提出⼀些应对公约落地的意见和建议。

公号本期刊登联合国⽹站上的《新加坡调解公约》中英⽂版，为⽅便阅读，编辑成中英⽂对照版。

后续公号将刊登相关理论⽂章，以期对公约落地时予以参考。

联合国关于调解所产⽣的国际和解协议公约United Nations Convention on International Settlement Agreements Resulting from Mediation序⾔本公约当事⽅，认识到调解作为⼀种商事争议解决办法对于国际贸易的价值，争议当事⼈籍此办法请求第三⼈协助其设法友好解决争议，注意到国际和国内商业实务越来越多地使⽤调解替代诉讼，考虑到使⽤调解办法产⽣显著益处，例如，减少因争议导致终⽌商业关系的情形，便利商业当事⼈管理国际交易，并节省国家司法⾏政费⽤，深信就调解所产⽣的国际和解协议确⽴⼀种可为法律、社会和经济制度不同的国家接受的框架，将有助于发展和谐的国际经济关系，兹商定如下：PreambleThe Parties to this Convention,Recognizingthe value for international trade of mediation as a method for settling commercial disputes in which the parties in dispute request a third person or persons to assist them in their attempt to settle the dispute amicably, Notingthat mediation is increasingly used in international and domestic commercial practice as an alternative to litigation,Consideringthat the use of mediation results in significant benefits, such as reducing the instances where a dispute leads to the termination of a commercial relationship, facilitating the administration of international transactions by commercial parties and producing savings in the administration of justice by States,Convincedthat the establishment of a framework for international settlement agreements resulting from mediation that is acceptable to States with different legal, social and economic systems would contribute to the development of harmonious international economic relations,Have agreed as follows:第1条适⽤范围Article 1. Scope of application1. 本公约适⽤于调解所产⽣的、当事⼈为解决商事争议⽽以书⾯形式订⽴的协议（“和解协议”），该协议在订⽴时由于以下原因之⼀⽽具有国际性：(a) 和解协议⾄少有两⽅当事⼈在不同国家设有营业地；或者(b) 和解协议各⽅当事⼈设有营业地的国家不是：㈠和解协议所规定的相当⼀部分义务履⾏地所在国；或者㈡与和解协议所涉事项关系最密切的国家。

1. To the exporter, the fastest and safest method of settlement is( B )A. letter of creditB. cash in advanceC. open accountD. banker?s draft2. To the importer, the most favorable method of settlement is ( C )A. letter of creditB. cash in advanceC. open accountD. collection3. Which of the following payment method is based on commercial credit?( C )A. letter of creditB.bank guaranteeC. collectionD. standby credit4. An exporter sells goods to a customer abroad on FOB and on CIF terms, who is responsible for the freight charges in each? ( A )A. importer; exporterB. exporter; importerC. importer; importerD. exporter; exporter5. International cash settlement has the following disadvantages except( B )A. expensiveB. safeC. riskyD. time-consuming6. CHIPS is the electronic clearing system for ( B )A. GBPB. USDYD. EUR7. CHAPS is the electronic clearing system for ( A )A. GBPB. USDYD. EUR8. BOJ-NET is the electronic clearing system for ( D )A. USDB. GBPC.EURD.JPY9. TARGET is the electronic clearing system for ( C )A. USDB. GBPC.EURD.JPY10. CHATS is the electronic clearing system for ( D )A. USDB. GBPC.EURD.HKD11. From a Chinese bank?s point ovf iew , the current account it maintains abroad is known as ( A )A. a nostro accountB. a vostro accountC. a current accountD.a home currency account12. From a Chinese bank?s point of view , the current account maintained by a foreign bank with him is known as (B )A. a nostro accountB.a vostro accountC.a current accountD.a foreign currency account13. International trade settlement methods are used to complete the money transfer aroused by ( A)A. goods transactionsB. services supplyC. security investmentD. investment incomes14. Documentary credit business is subject to ( A )A. UCP600B.URC522C. URDG758D. ISP9815. Collection business is subject to ( B )A. UCP600B.URC522C. URDG758D. ISP9816. Standby credit business is subject to ( D )A. UCP600B.URC522C. URDG758D. ISP9817. Letter of guarantee business is subject to ( C )A. UCP600B.URC522C. URDG758D. ISP9818. London is the clearing centre for ( B ) A. USD B. GBP C.EUR D.HKD19. New York is the clearing centre for （ A ）A. USDB. GBPC.EURD.HKD20. Tokyo is the clearing centre for （ D ）A. USDB. GBPC.EURD.JPY21. Frankfurt is the clearing centre for （ C ）A. USDB. GBPC.EURD.HKD22. Among the following documents, the one which is not regarded as control documents is （ D ）A. authorized signaturesB. test keysC. schedule of terms and conditionsD. correspondent arrangement23. The seller should arrange for the insurance of the goods transportation under （ C ）A. FOBB.CFRC.CIFD.EXW24. （A ）cheque can be cashed over the counter of paying bank.A. An openB. A crossedC. A general crossingD. A special crossing25. The effect of a blank endorsement is to make a negotiable instrument payable to the（ C ）A. specified person B, order of a specified person C. bearer D. named person26. If the bill is pay able “60 days after date ” , the date of payment is decided according to （C ）A. the date of acceptanceB. the date of presentationC. the date of issuanceD. the date of maturity27. The party to whom the bill is addressed is called th（e B ）A. drawerB. draweeC. holderD. payee28. When financing is without recourse, this means that the bank has no recourse to the（ D ）if such drafts are dishonored.A. payerB. draweeC. acceptorD. drawer29. The（C ）of a promissory note assumes the prime liability to make payment of the note.A. holderB. draweeC. makerD. acceptor30. The bill which must be presented for acceptance is（B ）A. the bill payable at xx days after dateB. the bill payable xx days after sightC. the bill payable on a fixed dateD. the bill payable at sight31. In order to retain the liabilities of the other parties, a bill that has been dishonored must be （ A ）A. protestedB. given to the acceptorC. retained in the filesD. presented to a bank32. （C ）is not a holder of a billA. PayeeB. EndorseeC. DrawerD. Bearer33. Which of the following is a relative essential item of a bill ?（B ）A. amountB. tenorC. payeeD. drawee34. An endorsement ,which prohibits the further negotiation of the instrument ,is called （D ）endorsement .A. qualifiedB. generalC. specificD. restrictive35. A check is a （ D ）draft drawn on a bankA. timeanceC. directD. demand36. The act which is never involved in promissory note business is( C )A. endorsementB.dishonorC.acceptanceD.presentation37. The act which is never involved in check business is( C )A. endorsementB.dishonorC.acceptanceD.presentation38. The acceptor of a bill is the person who originally named as ( B ) of the bill.A. drawerB. draweeC.payeeD.endorser39. The first holder of a bill is the ( C ) of the billA. drawerB. draweeC.payeeD.acceptor40. Among the following crossed cheques, the one which contains the words ( D ) is a special crossed cheque.A. bankerB. not negotiableC. A/C payeeD. Bank of China41. The means of authenticating payment order in mail transfer is the( D )A. SWIFT authentic keyB. schedule of terms and conditionsC. test keyD. authorized signatures42. The means of authenticating payment order in telegraphic transfer is th(e C ) A. correspondent arrangement B. schedule of terms and conditionsC. test keyD. authorized signatures43. Which of the following is not a method of remittance? ( C )A. M/TB. T/TC. T/RD. D/D44. Open account as a payment method is usually used whe(n D )A.goods are sold under the seller?s market conditionB. goods are badly needed by the buyerC. goods are of special standards or special specificationsD. goods are sold under the buyer?s market condition45. If the reimbursement instruction written on the payment order is exrpessed as ,in cover , we have credited your A/C with us?, the A/C relationship between the remitting bank and the paying bank must be( A )A. the paying bank maintains an A/C with remitting bankB. the remitting bank maintains an A/C with paying bankC. both remitting bank and paying bank maintain their A/Cs with a third bankD. remitting bank and paying bank have their A/Cs with two different banks46. If the reimbursement instruction written on the payment order is expressed asin, cover, please debit our A/C with you?, the A/C relationship between the remitting bank and the paying bank must be( B )A. the paying bank maintains an A/C with remitting bankB. the remitting bank maintains an A/C with paying bankC. both remitting bank and paying bank maintain their A/Cs with a third bankD. remitting bank and paying bank have their A/Cs with two different banks47. If the reimbursement instruction written on the payment order is expressed asin, cover, we have authorized Bank A to debit our A/C and credit your A/C with them?, the A/C relationshipbetween the remitting bank and the paying bank must be( C )A. the paying bank maintains an A/C with remitting bankB. the remitting bank maintains an A/C with paying bankC. both remitting bank and paying bank maintain their A/Cs with a third bankD. remitting bank and paying bank have their A/Cs with two different banks48. If the reimbursement instruction written on the payment order is expressed asin, cover, we have instructed Bank X to transfer the proceeds to your A/C with bank ?Y, the A/C relationship between the remitting bank and the paying bank must be （ D ）A. the paying bank maintains an A/C with remitting bankB. the remitting bank maintains an A/C with paying bankC. both remitting bank and paying bank maintain their A/Cs with a third bankD. remitting bank and paying bank have their A/Cs with two different banks49. It will be more convenient if the collecting bank appointed by the seller （ B ）A. is a large bankB. is the remitting bank?scorrespondent in the place of the importerC. is in the exporter?s countryD. acts on the importer?s instructions50. Under D/P, the documents will not be delivered to the buyer until （D ）A. the goods have arrivedB. the documents have arrivedC. the documents are presented to the buyerD. the bill is paid by the buyer51. Under D/A, the documents will not be delivered to the buyer until （D ） A. the goods have arrivedB. the documents have arrivedC. the documents are presented to the buyerD. the bill is accepted by the buyer52. In collection business, banks are obligated to check the documents received to see that （ C ）A. they are authenticB. they are regularC. they are the same as those listed in the collection instructionD. they are in the right form53. A bill of exchange which is accompanied by shipping documents is known as （B ）A. a clean billB. a documentary billC. a clean collectionD. a documentary collection54. In documentary collection, after the goods have been shipped, the exporter presents the documents to（C ）for collectionA. the collecting bankB. the reimbursing bankC. the remitting bankD. the opening bank55. Which of the following is not the obligation of remitting bank in collection ?( D )A. to complete a collection order strictly according to the principal?s instructions.B. to perform following all the instructions given by the principal.C. to keep the documents wellD. to examine the contents of documents in detail56. Which of the following is not the obligation of the collecting bank?( B )A.to verify the authenticity of the collection orderB. to take care of goodsC. to release documents strictly on the delivery terms of documents.D.to perform following all the instructions given by the remitting bank. 57.In collection business, the drawer of the draft for collection is ( A ) A. seller B. buyer C. remitting bank D. collecting bank58. In collection business, the drawee of the draft for collection is ( B ) A. seller B. buyer C. remitting bank D. collecting bank59. If the collection instruction given by the principal specifies that collection charges are to be borne by the drawee but with no express statement that they may not be waived, charges will be for the account of ( A ) providing the drawee refuses to pay them.A. principalB. remitting bankC. collecting bankD. presenting bank60. The price term which is more favorable to the seller under collection is ( D ) A. EXW B. FOB C. CFR D. CIF61. In L/C business , the exporter can receive the payment only when ( C )A. he has shipped the goodsB. he has presented the documentsC. the documents presented constitute a complying presentationD. the importer has taken delivery of the goods.62. In L/C business, the issuing bank can refuse to pay the credit amount when ( C ) A.the applicant prevents him from making paymentB. the goods are not the same as those stipulated in the sales contractC. one kind of document required by L/C isn?t presented.D.balance of the applicant?s account is not enough for payment .63. Of the following kinds of L/C, ( B )is the L/C which requires no drafts at all. A.sight payment creditB. deferred payment creditC. acceptance creditD. negotiation credit64. Of the following kinds of L/C, ( C ) is the L/C in which drafts are always required.A.sight payment creditB. deferred payment creditC. acceptance creditD.negotiation credit65. Of the following kinds of L/C, ( D ) is the L/C which is especially suitable for use to settle the payment of trade conducted through a middleman. A.non-transferable creditB. reciprocal creditC. revolving creditD. back to back credit66. Of the following kinds of L/C, ( A )is the L/C which is especially suitable for use to settle the payment of trade conducted through a middleman.A. transferable creditB. reciprocal creditC. revolving creditD. confirmed credit67 Of the following kinds of L/C, ( C ) is the L/C which is especially suitable for use to settle the payment under a long term contract covering goods to be transportedby regular partial shipments.A.non-transferable creditB. reciprocal creditC. revolving creditD. back to back credit68.Of the following kinds of L/C, ( B ) is the L/C which is especially suitable for use to settle the payment under counter trade.A.non-transferable creditB. reciprocal creditC. revolving creditD. back to back credit69. Confirmation of a credit may be given by ( B )A. the beneficiary at the request of the importerB. the advising bank at the request of the issuing bankC. the advising bank after the receipt of correct documentationD. the issuing bank after the receipt of correct documentation70. The credit may only be confirmed if it is so authorized or allowed by ( A )A. the issuing bankB. the supplierC. the advising bankD. the beneficiary71. The second beneficiary of a transferable letter of credit is the ( D )A. middlemanB. transferring bankC. the applicant of the transferred creditD. real supplier of the goods72. The first beneficiary of a transferable letter of credit is the ( A )A. middlemanB. transferring bankC. the applicant of the transferred creditD. real supplier of the goods73. The red clause credit is often used as a method of ( B )A. providing the buyer with funds prior to shipmentB. providing the seller with funds prior to shipmentC. providing the buyer with funds after shipmentD. providing the seller with funds after shipment74. An applicant must reimburse an issuing bank unless he finds that ( D )A. goods are defectiveB. goods are not as ordered in the sales contractC. documents received do not allow him to clear the goods through customsD. documents do not conform on the face to the terms and conditions of the credit75. Application for any amendment to a letter of credit should be given to the issuing bank by ( A )A. the applicantB. the beneficiaryC. the advising bankD. the nominated bank76. The message type which is used to send a amendment notice of a documentary credit through SWIFT is numbered ( C )A. 700B. 705C. 707D. 71077. Among all the financial methods mentioned bellow , which method provides funds without recourse ？( C )A. packing loansB. bill discountingC. forfaitingD. borrowing docs against T/R78. Under letter of credit, the primary debtor is the( C )A. applicantB. importerC. issuing bankD. nominated bank79. The applicant of letter of credit is ( B )A. the exporterB. the importerC. the exporter?s bankD. the importer?s bank80. The beneficiary of letter of credit is ( A )A. the exporterB. the importerC. the exporter?s bankD. the importer?s bank81. A letter of credit which is expired on Oct. 1, 2008 specifies that“documents must be presented within 15days after the on board date of bill of ladin”g. If the on board date of bill of lading is Sep. 10,2008, the latest date of presentation must be ( B ) A. Sep. 24 ,2008 B. Sep. 25 ,2008 C. Sep. 26 ,2008 D. Oct. 1, 200882. If there is no indication in the credit of the insurance coverage required, the amount of insurance coverage must be at least ( C ) of the CIF or CIP value of the goods.A. 100%B.105%C. 110%D.120%83. Which of the following actions performed by the nominated bank is not regard as the action of honor( D )A. to pay at sight under sight payment creditB. to incur a deferred payment undertaking and pay at maturity under deferred payment creditC. to accept the draft and pay at maturity under acceptance creditD. to negotiate under negotiation credit84. Complying presentation under letter of credit means a presentation that is in accordance with the terms and conditions of credit, the applicable rules of UCP and provisions of ( B )A. ISP98B. ISBP681C. ICC Publication No.522D.ICC Publication No. 75885. Among the following banks, the one who has no obligation to examine documents under letter of credit is ( C )A. the issuing bankB. the confirming bankC. the reimbursing bankD. the nominated bank86. The following are the financing methods which can be used by the seller in L/C business except ( D )A. negotiating the documentary draft to his bankA. applying for packing loans from his bankB. discounting the time draft already accepted by the drawee bankD. Borrowing docs from issuing bank against T/R87. The following are the financing methods which can be used by the buyer in L/C business except ( D )A.applying for issuing L/C with no margin requirement.B. borrowing docs from issuing bank against T/RC. taking the goods from shipping company against indemnity guarantee signed by the issuing bank.D. applying for packing loans from his bank88. A bill of lading doesn't function as ( D )A. a contract of transportationB. a receipt of goodsC a certificate of title to the goods D. an accounting document89. The drawee of a draft drawn under letter of credit may be ( C )A. the beneficiaryB. the applicantC. the issuing bankD. the negotiating bank90. If the bill of lading is made out to order , it must be endorsed by( B )so as to complete the transfer of the title to the goods .A. the carrierB. the shipperC. the notify partyD. the nominated bank。

International SettlementThe Research Objective of International SettlementChapter one：Introduction to International Settlement1.国际结算的定义Definition of International settlement International settlement refers to the money transfer via banks to settle accounts,debts and claims among different countries.国际结算是指处于两个不同国家的当事人，通过银行办理的两国间货币收付业务。

2.Three elements in international settlement（国际结算中的三要素）(1)Persons in different countries（不同国家）Buyers and sellers in the international transaction are not competitors,but cooperative partners for seeking long-term and common interest.(2) Bank’s Participation（银行参与）(1)facilitating funds transfer efficiently world-wide;(2)promoting transactions because of their easily supervising both buyer and seller;(3) Funds transfer (资金转移）Funds transfer always happens in the following activities:visible trade：importing and exporting the tangible and visible commodity and goods.Importers in one country must make payment to exporters in another country for their imported goods;on the other hand,exporters must receive payment from the overseas buyers.invisible trade：It includs service trade,technology transfer,patent,copyright contracts,etc. service trade include all receipts and payments betwwen the residents and foreigners on transportation,insurance,travel,communications,postage and bank service,etc.financial transaction：International financial transaction covers foreign exchange market transaction,government supported export credits,syndicated loans,etc.payment between governments ：The government of one country may make payment to that of another country for political,military,or economic reasons,such as giving aids and grants,providing disaster relief,etc.3.Types of International Settlementvisible trade International Trade Settlementinvisible tradefinancial transaction International Non-trade Settlementpayment between governments4.Evolution of Modern International SettlementFrom barter transaction to cash settlement 从易货交易到现金结算From cash settlement to non-cash settlement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4.Characteristics of Modern International Settlement5.Types of International Banking Offices①Representative Office（代表处）A representative office is a small service facility staffed by parent bank personnel that is designed to assist MNC clients of the parent bank in dealings with the bank’s correspondents.-----Promotes the bank in the local market-----Not licensed or chartered-----May not accept deposits or make loans-----Directs business to other offices or affiliates-----Representative offices also assist with information about local business customs, and credit evaluation of the MNC’s local customers.Agency Office（代理处）Agency office is the overseas financial institution which can transfer money and make loans in foreign country.-----One part of the parent bank,not a dependent legal person(juristic person).-----Not to accept deposits, but can make loans,provide trade financing, issuing L/C, and make acceptance.③Foreign Branch（海外分行）An office of an organization that is located outside the home country of that organization where a banking or financing business is conducted.A foreign branch bank operates like a local bank, but is legally part of the the parent.-----Subject to both the banking regulations of home country and foreign country.-----Can provide a much fuller range of services than a representative office. Branch Banks are the most popular way for U.S. banks to expand overseas.④Correspondent Bank（代理银行）The correspondent bank can be defined as “a bank having direct connection or friendly service relations with another bank.”-----A correspondent banking relationship exists when two banks maintain deposits with each other.-----Correspondent bank is very necessary in global economy. Even for large international bank,such as Bank of China, the establishment of the correspondent relationship is still very important because they cannot do any business without the cooperation of local banks.⑤Subsidiary and Affiliate Bank（附属银行）A subsidiary bank is a locally incorporated bank wholly or partly owned by a foreign parent.An affiliate bank is one that is partly owned but not controlled by the parent.A consortium bank refers to a joint venture in which no single owner has a controlling interest.⑥Affiliated Bank（联营银行）⑦Consortium Bank（银团银行）7.How to establish correspondent bank relationship①Choose the best bank-----The following factors should be considered:1)The reputation of the bank2)Size of the Bank3)Service offered by the bank4)Physical feature and personnel②Signing contract and exchanging control documents(控制文件）Control documents include:Specimen Signature(印鉴样本）Telegraphic test key（密押）Terms and conditions（条款费率表）8.Inter-bank accounts (银行往来帐户）Banks always open an account in other banks in foreign countries,thus forms the inter-bank accounts.●To credit sb’s a/c with 贷记某人或某某单位帐户一定金额●To debit sb’s a/c with借记某人或某某单位账户一定金额●Credit Advice and Debit Advice贷记报单和借记报单9.Basic Methods of International SettlementChapter 2: Instruments in International Settlement(结算工具)一．negotiable instruments定义：A written promise or order signed by the maker to transfer a specified sum of money on demand or at a fixed future time to the person named on the instrument or to the bearer. Examples of negotiable instruments are promissory notes, drafts and cheques. 二．Essentials of of a negotiable instrument✧Be in writing✧Be signed by the maker or drawer✧Be an unconditional promise or order to pay✧State a fixed amount of money✧Be payable on demand or at a definite time✧Be payable to order or to bearer三．Characteristics of Negotiable Instruments1) Establishing the claim for a sum certain in money(票据创设了付给一定金额的请求权）2)Accepting the instruments without investigating or questioning(票据是无因证券，不必追究原因的证券）Once the instrument is issued, rights on the instrument and reasons why instruments are created are separated，independent to each other.(票据一旦做成，票据上权利即与其原因分离，成为独立的票据债权债务关系，不受先前原因关系存在与否的影响）Example: A deposit money in B,and A buys goods from C, then A issued an instrument to C,paid by B; C transfers the instrument to D because C once borrowed money from D; And D transfers the instrument to E for some value relationship; E asks B to make payment.3)The form of instruments should keep up with law. Only those accordance with law can be protected.4) Instruments can be transferred.5) Instruments has the right of recourse.(追索权）四．Functions of Negotiable Instruments1.Acting as transferable tools(汇兑工具）---Direct cash payment in international transaction is inconvenient2.Acting as payment tools（支付工具）-----Substitute for money,basic function-----Inconvenient for big deals in business,and also risks-----Widely accepted to take the place of money in circulation-----Can be endorsed(背书)3.Acting as credit tools（信用工具）-----Core function because credit is the “life”of instrument五．Types of Negotiable InstrumentsDrafts Promissory Notes ChecksDrafts（一）定义A bill of exchange is an unconditional order in writing, addressed by oneperson 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 bearer.In a simple words,A bill of exchange or draft is a three-party instrument that is an unconditional written order by one party that orders the second party to pay money to a third party.汇票是由出票人向另一人签发的要求即期、定期或在可以确定的将来时间向指定人或根据其指令向来人无条件支付一定金额的书面命令。