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Unit 1 Background MaterialsG20 members20国集团或者廿国集团，由八国集团（美国、日本、德国、法国、英国、意大利、加拿大、俄罗斯）和十一个重要新兴工业国家（中国、阿根廷、澳大利亚、巴西、印度、印度尼西亚、墨西哥、沙特阿拉伯、南非、韩国和土耳其）以及欧盟组成。
按照惯例，国际货币基金组织与世界银行列席该组织的会议。
廿国集团的GDP总量约占世界的85%，人口约为40亿。
中国经济网专门开设了“G20财经要闻精萃”专栏[1]，每日报道G20各国财经要闻。
Unit 1 The new structure of the worldEconomy------G20Text A : Group of 201.emerging economy:新兴经济体emerging market economynewly emerging economyindustrialized economy:2.gross national product: 国民生产总值gross domestic productreal gross national productestimated gross national product3.industrial nations ：工业国industrialized nations 工业化国家4.Atlantic-oriented: 以…为中心、导向；…主导的5.take on a new prominence 承担新的地位，更重要6.bail out: 帮助摆脱困境，救助7.mortgage market:抵押信贷市场8.on ad hoc basis:临时、即兴的9.rotating council presidency:欧盟理事会轮值主席国Text B The Pittsburgh Summit1.economic cycle: recession, depression, recovery, boom2.fiscal policy 财政政策；monetary policy; financial policy;aggressive policy; passive policy;3.regulation and supervision: 监管4.opaque OTC derivative market:缺乏透明度的场外衍生市场5.race to the top: 力争上游6.phase out: 逐步取消7.fossil fuel subsidy:化石燃料补贴8.future market: 期货市场9.deliver on: 兑现10.t ake stock of: 评估，评价11.g reenhouse gas emission: 温室气体排放12.oversee and regulate: 监督和规范Text C Financial reform and the G20: a hard clime1.reign: dominate2.shore up: support, save3.set the stage for a pow-wow: prepare for the meeting4.expansionary policy: 扩张性政策tight policy 紧缩政策5.rein in :限制、控制6.buffer: 缓冲存货7.pay disclosure:薪酬披露8.a host of: a lot ofa handful of: a small quantity of9. collateralized debt obligation: 抵押化债务债券10. governance reform: 治理结构改革11. cross-border institution:跨境机构12.Tier-1 capital ratio: 一级资本率Unit 2 American Sub-prime Mortgage CrisisText A Debt and Denial1.live within one’s means : 量入为出live beyond one’s means: 入不敷出2.run up debts to….借债3.make sense: 有意义，有道理，讲得通4.budget deficit: 预算赤字5.adjusted for: 调整6.debt financing: 债务融资7.home equity:房屋净值8.spending money:零用钱9.borrowing binge: 疯狂借款10.t rade deficit:贸易赤字soft landing: 软着陆11.s nap up :抢购bubble zone: 泡沫区12.e conomic fundamentals:经济基本面13.i llusory wealth: 虚幻财富14.d rop off: 减少rude awakening: 猛然惊醒15.h edge fund: 对冲基金Text B1.meet payments: 满足支付，付款1.fall behind: 拖欠2.pay off: 偿还3.conventional mortgage:传统按揭方式4.squeeze out of: 挤压出5.be stuck with: be burdened with6.per capita income: 人均收入7.economic gap: 经济差距8.spillover effect: 溢出效应9.tax base: 税基10.i n reverse: 相反地11.g utting: 破坏，供应紧张12.d eindustrialization: 限制工业化，产业空洞化Text C Three trillion dollars later….1.fill on e’s boots with risk: take risk2.palm off: get rid of , dispose of3.write down: 资产减记4.let the devil take the hindmost: 人人自保，落后遭殃5.hold … to ransom: 绑架6.cordon off: skirt, 绕过7.the scale and scope: 规模与范围8.the risk of insolvency: 资不抵债的风险9.identify with: 认为等同于10.trade off: 权衡Unit 3 Obama’s Economic Recovery PlanText A1.take office: 就职2.economic stimulus package:经济刺激一揽子方案3.make one’s way through:努力通过4.public housing公租房5.tax credit:税收抵免6.tuition credit: 学费税收抵免7.mortgage relief:抵押贷款减免8.mortgage-backed securities: 不动产放款抵押债券9.legislative overreach: 立法出拳过重10.weatherize :适应气候条件11.preventive care: 预防保健护理12.distressed security: 不良债券Text B: America’s Vulnerable Half-Speed Recovery1.on a gloomy note: 沉重，不景气，暗淡2.overhanging debt: 债务积压3.weigh down projection: reduce prediction4.write-down: 减记gging indicator : 滞后指标6.double-dip recession: 双底衰退7.baby boomers:(1):尤指1946年至1965年美国)出生于生育高峰期的人，生育高峰儿(2)出生于生育高峰期的一代人之一员,生育高峰代人(3) baby boomers经济困难的一代人8. put a damper on: restrainText C: Obama Unveils Green Jobs Plan aster Economy Loses 85,000 jobs in December1.tax credit: 税收抵免2.slip back: 滑回，后退，陷进去3.jump-start:启动，发动4.discouraged workers: 失业而不积极寻找工作的人（气馁工人；失去信心工人）5.point in the right direction: 指向正确方向，提供依据等6.in the same vein: 以同样方式；以同一思路Unit 4 Obama’s Medical PlanText A1.The House of Representative:众议院Senate参议院st-minute: 最后关头的3.universal health coverage:全民医保4.sign up for: 签约从事、获得;申请。
简明金融英语词汇彭炳铭AAccounts payable 应付帐款Accounts receivable 应收帐款Accrued interest 应计利息Accredited Investors 合资格投资者；受信投资人指符合美国证券交易委员(SEC)条例，可参与一般美国非公开(私募)发行的部份机构和高净值个人投资者Accredit value 自然增长值ACE 美国商品交易所ADB 亚洲开发银行ADR 美国存股证；美国预托收据；美国存托凭证[股市] 指由负责保管所存托外国股票的存托银行所发行一种表明持有人拥有多少外国股票(即存托股份)的收据。
ADR一般以美元计价和进行交易，及被视为美国证券。
对很多美国投资者而言，买卖ADR比买卖ADR所代表的股票更加方便、更流动、成本较低和容易。
大部份预托收据为ADR；但也可以指全球预托收(GDR) ，欧洲预托收据(EDR) 或国际预托收据(IDR) 。
从法律和行政立场而言，所有预托收据具有同样的意义。
ADS 美国存托股份Affiliated company 关联公司；联营公司After-market 后市[股市] 指某只新发行股票在定价和配置后的交易市场。
市场参与者关注的是紧随的后市情况，即头几个交易日。
有人把后市定义为股价稳定期，即发行结束后的30天。
也有人认为后市应指稳定期过后的交易市况。
然而，较为普遍的是把这段时期视为二级市场AGM 周年大会Agreement 协议；协定All-or-none order 整批委托Allocation 分配；配置Allotment 配股Alpha (Market Alpha) 阿尔法；预期市场可得收益水平Alternative investment 另类投资American Commodities Exchange 美国商品交易所American Depository Receipt 美国存股证；美国预托收据；美国存托凭证(简称“ADR ”参见ADR栏目) American Depository Share 美国存托股份Amercian Stock Exchange 美国证券交易所American style option 美式期权Amex 美国证券交易所Amortization 摊销Amsterdam Stock Exchange 阿姆斯特丹证券交易所Annual General Meeting 周年大会Annualized 年度化；按年计Antitrust 反垄断APEC 亚太区经济合作组织(亚太经合组织)Arbitrage 套利；套汇；套戥Arbitration 仲裁Arm's length transaction 公平交易Articles of Association 公司章程；组织细则At-the-money option 平价期权；等价期权ASEAN 东南亚国家联盟(东盟)Asian bank syndication market 亚洲银团市场Asian dollar bonds 亚洲美元债券Asset Allocation 资产配置Asset Management 资产管理Asset swap 资产掉期Assignment method 转让方法；指定分配方法ASX 澳大利亚证券交易所Auckland Stock Exchange 奥克兰证券交易所Auction market 竞价市场Authorized capital 法定股本；核准资本Authorized fund 认可基金Authorized representative 授权代表Australian Options Market 澳大利亚期权交易所Australian Stock Exchange 澳大利亚证券交易所BBack-door listing 借壳上市Back-end load 撤离费；后收费用Back office 后勤办公室Back to back FX agreement 背靠背外汇协议Balance of trade 贸易平衡Balance sheet 资产负债表Balloon maturity 期末放气式偿还Balloon payment 最末期大笔还清Bank, Banker, Banking 银行；银行家；银行业Bank for International Settlements 国际结算银行Bankruptcy 破产Base day 基准日Base rate 基准利率Basis point 基点；点子Basis swap 基准掉期Bear market 熊市；股市行情看淡Bearer 持票人Bearer stock 不记名股票Behind-the-scene 未开拓市场Below par 低于平值Benchmark 比较基准Beneficiary 受益人Beta (Market beta) 贝他(系数)；市场风险指数Best practice 最佳做法；典范做法Bills department 押汇部BIS 国际结算银行Blackout period 封锁期Block trade 大额交易；大宗买卖Blue chips 蓝筹股Board of directors 董事会Bona fide buyer 真诚买家Bond market 债券市场，债市Bonds 债券，债票Bonus issue 派送红股Bonus share 红股Book value 帐面值Bookbuilding 建立投资者购股意愿档案[股市] 包销商用以定价一笔发行的方法。
Chapter 3 Intern atio nal Finan cial Markets1.Assume that a bank's bid rate on Swiss francs is $.45 and its ask rate is $.47.Its bid-ask perce ntage spread is:A)about %.B)about %.C)about %.D)about %.ANSWER: Bbid/ask spread = ask rate ____________ —_bid_rate_SOLUTION: Bid-ask percentage spread = ($.47 - $.45)/$.47 = %2.Assume that a bank's bid rate on Japanese yen is $.0041 and its ask rate is $.0043.Itsbid-ask perce ntage spread is:A)about %.B)about %.C)about %.D)about %.ANSWER: CSOLUTION: Bid-ask percentage spread = ($.0043 - $.0041)/$.0043 = %3.The bid/ask spread for small retail transactions is commonly in the range of ______________________________________ perce nt; the bid/ask spread for wholesale tran sact ions is com mon ly in the range of perce nt.A) 3 to 7; .01 to .03B) 2 to 5; .05 to .10C)10 to 15; .01 to .03D) 1 to 2; .05 to .07ANSWER: A4._________ is not a factor that affects the bid/ask spread.A)Order costsB)Inven tory costsC)VolumeD)All of the above factors affect the bid/ask spread5.The forward rate is the exchange rate used for immediate exchange of currencies.A)true.B)false.ANSWER: B6.The ask quote is the price for which a bank offers to sell a curre ncy.A)true.B)false.ANSWER: A7.According to the text, the forward rate is commonly used for:A)hedgi ng.B)Eurocurre ncy tran sact ions.C)Eurocredit tran sact ions.D)Eurob ond tran sacti ons.ANSWER: A8.If a U.S. firm desires to avoid the risk from exchange rate fluctuations, andit is receivi ng100,000 in 90 days, it could:A)obta in a 90-day forward purchase con tract on euros.B)obta in a 90-day forward sale con tract on euros.C)purchase euros 90 days from now at the spot rate.D)sell euros 90 days from now at the spot rate.ANSWER: B9.If a U.S. firm desires to avoid the risk from exchange rate fluctuations, andit will n eedC$200,000 in 90 days to make payme nt on imports from Can ada, it could:A)obta in a 90-day forward purchase con tract on Can adia n dollars.B)obta in a 90-day forward sale con tract on Can adia n dollars.C)purchase Can adia n dollars 90 days from now at the spot rate.D)sell Can adia n dollars 90 days from now at the spot rate.10.Assume the Canadian dollar is equal to $.88 and the Peruvian Sol is equal to$.35. Thevalue of the Peruvian Sol in Canadian dollars is:A)about .3621 Ca nadian dollars.B)about .3977 Canadian dollars.C)about Can adia n dollars.D)about Can adia n dollars.ANSWER: BSOLUTION: $.35/$.88 = .397711.Which of the follow ing is not true with respect to spot market liquidity? 现货市场流动性A)The more willing buyers and sellers there are, the more liquid a market is.B)The spot markets for heavily traded currencies such as the Japanese yen are veryliquid.C) A currency's liquidity affects the ease with which an MNGcan obtain or sell thatcurre ncy.D)If a curre ncy is illiquid, an MNC is typically able to quickly purchase thatcurre ncy at a reas on able excha nge rate.ANSWER: D12.Forward markets for curre ncies of develop ing coun tries are:A)prohibited.B)less liquid tha n markets for developed coun tries.C)more liquid than markets for developed countries.D)only available for use by gover nment age ncies.发展中国家现货市场流动性较低ANSWER: B13. A forward con tract can be used to lock in the _________________________ of a specified curre ncy for afuture point in time.A)purchase priceB)sale priceD)none of the aboveANSWER: C14.The forward market:A)for euros is very illiquid.B)for Easter n Europea n coun tries is very liquid.C)does not exist for some curre ncies.in n eed of foreig n in need of foreignD) none of the aboveANSWER: C15. _________ is not a bank characteristic important to customersexchange.A) Quote competitive nessB) Speed of executi onC) Forecast ing adviceD) Advice about curre nt market con diti onsE) All of the above are important bank characteristics to customers exchange. ANSWER: E16. The Basel II accord would:A) replace the Basel Accord.B) reduce the amount of capital banks are required to hold.C) require banks to take more risks and to document their risk.D) correct some incon siste ncies that still exist. Operati on risk -1ANSWER: D17. The international money market primarily concentrates on:A) short-term len di ng (one year or less). IMM短期借款B) medium-term lending.C) Ion g-term lending.D) placi ng bonds with in vestors.E) placi ng n ewly issued stock in foreig n markets. ANSWER: A18. The international credit market primarily concentrates on:A) short-term lending (less tha n one year).B) medium-term lending.C) Ion g-term lending. 欧洲信用贷款市场D) provid ing an excha nge of foreig n curre ncies for firms who n eed them.E) placi ng n ewly issued stock in foreig n markets.ANSWER: B19. The main participants in the international money market are:A) con sumers.B) small firms.C) large corporati ons.D) small Europea n firms n eedi ng Europea n curre ncies for intern ati onal trade.ANSWER: C20.LIBOR is: 同业拆借利率A)the in terest rate com monly charged for loa ns betwee n ban ks.B)the average inflation rate in European countries.C)the maximum loa n rate ceili ng on loa ns in the intern ati onal money market.D)the maximumdeposit rate ceiling on deposits in the international money market.E)the maximum in terest rate offered on bonds that are issued in London.ANSWER: A21. A syn dicated Eurocredit loa n:A)represe nts a loa n by a sin gle bank to a syn dicate of corporati ons.B)represe nts a loa n by a si ngle bank to a syn dicate of country gover nmen ts.C)represe nts a direct loa n by a syn dicate of oil-produci ng exporters to a less developedcoun try.D)represe nts a loa n by a group of banks to a borrower.E) A and BANSWER: D22.The international money market is primarily served by:A)the gover nments of Europea n coun tries, which directly in terve ne in foreig ncurre ncymarkets.B)gover nment age ncies such as the Intern atio nal Mon etary Fund that enhance developme nt of coun tries.C)several large banks that accept deposits and provide loans in various currencies.D)small banks that convert foreig n curre ncy for tourists and bus in ess visitors.ANSWER: C。
金融英语听说 Unit 6: International Settlement OverviewIn the world of international finance, the process of settling transactions between entities in different countries is known as international settlement. This involves the transfer of funds, securities, and other financial instruments to ensure the completion of a transaction. International settlement plays a crucial role in facilitating global trade and investment, as well as promoting financial stability.In this unit, we will explore the key concepts and practices related to international settlement in the field of finance. We will examine the various methods and instruments used in international settlements, as well as the roles of different entities involved in the process. Through this unit, you will gain a deeper understanding of the complexities and importance of international settlement in the global financial system.Key Concepts1. Foreign Exchange MarketThe foreign exchange market is where the currencies of different countries are bought and sold. It is a crucial component of international settlement, as currency exchange plays a vital role in facilitating cross-border transactions. Understanding the dynamics of the foreign exchange market is essential for effective international settlement.2. Payment SystemsPayment systems are the infrastructure that enables the transfer of funds between parties involved in international settlements. These systems ensure the secure and efficient movement of money across borders. Some commonly used payment systems include SWIFT (Society for Worldwide Interbank Financial Telecommunication) and CHIPS (Clearing House Interbank Payments System).3. Letter of CreditA letter of credit is a financial instrument issued by a bank on behalf of a buyer. It guarantees payment to the seller upon the completion of certain conditions. Letters of credit provide security and assurance to exporters, allowing them to mitigate the risk of non-payment.4. Documentary CollectionDocumentary collection is another method used in international settlement. It involves the use of documents, usually handled by banks, to ensure the transfer of goods and payment between buyers and sellers. In documentary collection, the documents are sent through the banking system, and the payment is released once the conditions are met.5. International Trade FinanceInternational trade finance refers to the financial activities and instruments used to facilitate international trade. This includes methods like factoring, export credit, and trade insurance. Understanding the various aspects of internationaltrade finance is essential for successful international settlement.Roles and ResponsibilitiesIn addition to understanding the key concepts, it is important to be familiar with the roles and responsibilities of the entities involved in international settlement. These include:1. BanksBanks play a crucial role in international settlement. They act as intermediaries between buyers and sellers, facilitating the transfer of funds and ensuring the completion of transactions. Banks also provide various financial instruments and services, such as letters of credit and documentary collections.2. Importers and ExportersImporters and exporters are the parties involved in cross-border transactions. Importers are the buyers who purchase goods or services from another country, while exporters are the sellers who supply these goods or services. Both importers and exporters are responsible for complying with the requirements and conditions of international settlement.3. Government AgenciesGovernment agencies, such as central banks and customs authorities, also play a role in international settlement. They regulate and oversee the flow of funds and goods acrossborders, ensuring compliance with legal and regulatory frameworks.ConclusionInternational settlement is a vital component of the global financial system. It enables cross-border trade and investment, while promoting financial stability. Understanding the key concepts, methods, and entities involved in international settlement is essential for professionals in the field of finance. By familiarizing yourself with these concepts, you will be better equipped to navigate the complexities of international finance and contribute to the efficiency of global transactions.*Note: This document is written in Markdown format for easy readability and formatting.。
《⾦融英语听说》Unit3Unit 3Lending BusinessWarm-up1. Match the Chinese terms in Column A with their English equivalents in Column B.Answers for Reference1 汽车贷款auto loan2 个⼈房屋贷款personal housing loan3 次级按揭贷款subprime mortgage loan4 信贷风险credit risk5 商业贷款commercial loan6 财务状况financial standing7 按揭抵押的房产mortgaged property8 利率风险interest rate risk9 分期付款pay by instalments10⼀次性付款pay in a lump sum2. Discuss in pairs and answer the following questions.Answers for Reference1. Do you know the types of personal loans offered by Canadian Imperial Bank of Commerce (CIBC)?Personal housing loan 个⼈住房贷款– Personal second-hand housing loan 个⼈⼆⼿房屋贷款，个⼈再交易住房贷款– Personal commercial space purchase loan 个⼈商业⽤房贷款– Individual housing loans at fixed interest rate 固定利率个⼈住房贷款– Personal housing mixed loan 个⼈住房组合贷款– Individual housing provident fund loan 公积⾦个⼈房屋贷款– Personal mortgage loan 个⼈住房抵押贷款Personal purchase loan 个⼈消费贷款Personal operation loan 个⼈经营贷款Personal auto loan 个⼈汽车贷款Personal housing improving loan 个⼈房屋维修贷款Personal consumer durables loan 个⼈耐⽤品消费贷款Commercial educational loan 商业助学贷款Government-subsidized educational loan 政府助学贷款Personal loan backed by pledged rights 个⼈产权质押贷款2. What do you think should be prepared for a loan proposal before you go to apply for a personal housing loan to CCB?valid identify certificate 有效⾝份证明, e.g., ID card ⾝份证, Hukou 户⼝, certificate of permanent residence 永久居民证or passport 护照Employment certificate ⼯作证Property right/title certificate 房产证Income statement 收⼊证明3. What should be considered if you were handling a loan proposal as a manager of the Credit Department?People 借款⼈(the identification of potential borrower, information about the person, their family, their income, their financial standing, etc. 申请借款⼈的⾝份、个⼈信息、家庭状况、收⼊、资信等)Purpose 借款的⽤途(the purpose of the borrowing and how to use the money borrowed 借款的⽬的以及如何使⽤借款) Payment 还款计划(how to effect repayment: by instalments or in a lump sum 如何还款：分期付款还是⼀次付清)– Repayment schedule 还款计划– Amount of the loan granted 审批贷款的⾦额– Term of the loan 贷款的期限Protection 还款保障(what to be used as collateral or security for the loan and who to be the guarantee 什么做贷款的抵押品以及谁是担保⼈)Perspective 还款风险预测(the assessment of risk of credit in perspective 客观地评估信⽤风险)Short DialoguesTask 1 Multiple ChoiceListen carefully and choose the best answer to the question after each dialog.Scripts & AnswersDialog 1 M: Hi, Xiaohong. There is news about bankruptcies of some U.S. banks. It seems the banks are subject to some risks in their operation.W: Yes. Excessive interest rate ri sk can pose a significant threat to a bank’s earnings and capital base.M: Do you know the exact meaning of the interest rate risk?W: It is difficult to explain it in a few words. Let me see, eh… Generallyspeaking, interest rate risk is the risk arising from the change in value ofan interest-bearing asset, such as a loan or a bond, due to fluctuation ininterest rates. As rates rise, the price of a fixed rate bond will fall. As ratesfall, the price of the bond will rise.M: So the task of control over the interest rate risk would be critical to banks, because the change in interest rates will affect the value of a bank’s interest-bearing assets.W: Right, but sometimes it is beyond the control of one bank.Question: What is usually considered the cause of interest rate risk according to the woman? (D)译⽂男：嗨，晓红。
第一章Definition: International settlements are financial activities conducted among different countries in which payment are effected or funds are transferred from one country to another in order to settle the creditor-debtor relationship emerged in the course of political, economic or cultural contacts among them.第一节 Key Issues in International Payments1、Who Bears the Credit Risks?2、Who Finances the Transaction?3、In what Currency will Payment be Made?4、What are the Political and Legal Risks?5、Who Will Bear Transportation Costs and Risks?6、What Are the Cost of Each Method of Financing and Payment?7、Special Cases单词列表第二节 Introducing the Buyer and the Seller1、The buyer is in the business of purchasing or the brokering of raw materials, component parts, finished goods or services for manufacturing, assembly, or resale to others .2、Issues and Concerns of the BUYERAssurance of delivery and correct countQuality of goodsCondition of goodsTimeliness or receipt of goodsLag timeFinancing the transactionBuyer as brokerTransportation costs and riskInsuranceDistancesCurrency3、The seller is in the business of manufacturing, selling, or brokering raw materials; component parts; finished goods, or services to the buyer for eventual manufacture, assembly, or resale to others.4、Issues and Concerns of the SELLERCertainty of PaymentAssurance of delivery and correct countCondition of goodsTimeliness or receipt of goodsFinancing the transactionSeller as brokerPolitical riskLegal riskTransportationInsuranceDistancesCurrency risk单词列表第三节 Introducing the Basic Terms of Payment1、Key Factors in Determining the Payment MethodRelationship between seller andbuyerThe nature of the merchandiseIndustry normsThe distance between buyer and sellerThe potential for currency fluctuationPolitical & economic stability in either or both countries2、Four basic terms of payments（1）Cash in AdvancePayment by cash in advance requires that the buyer pay the seller prior to shipment of the goods ordered.Cash in advance provides the seller with the most security but leaves the buyer at great risk that theseller will not comply with all the terms of the contract.The cash payment is received before, and independently of, shipment of the goods.（2）Documentary CreditA documentary letter of credit is a bank’s promise to pay a seller on behalf of the buyer so long as the seller complies with precisely defined terms and conditions specified in the credit.A documentary of credit provides almost equal security to both the buyer and the seller and is second only to cash in advance in terms of security to the seller.When a letter of credit is issued by the buyer’s bank, the bank assumes the payment responsibilityfor the buyer,…….Letter of credit are the most common form of international payment because they provide a high degree of protection for both the buyer and the seller. ……Consistency and accuracy are paramount in preparing and submitting documents for payment under a letter of credit. ……（3）Documentary CollectionsA documentary collection is an order by the seller to his bank to collect payment from the buyer in exchange for the transfer of documents that enable the holder to take possession of the goods.Under a documentary collection, the seller ships goods to the buyer but forwards shipping documents to the forwarding bank for transmission tothe buyer’s bank. ……Like letter of credit, documentary collections focus on the transfer of title documents to goods rather than on immediate transfer of the goods themselves. ……Documentary collections are excellent for buyers ……Documentary collections procedures, however, entail some risk for both sellers and buyers. ……（4）Open AccountPurchase on open account means that the buyer agrees to pay for goods ordered within a designated time after their shipment.Common terms are 30, 60, or 90 days although longer terms of 180 days are not unheard of.单词列表第四节 Foreign Exchange Basic1、A hedge is a contract that provide protection against the risk of loss from a change in foreign exchange rates.Forward market hedgeMoney market hedgeOptions market hedge单词列表第五节Contract Basics Basic contract provisions：GoodsDeliveryPrice/ CurrencyPaymentDocumentationForumGoverning LawMeasure of damages in breach of contract actionSpecific performanceArbitration第六节Incoterms 20101、Trade terms：“Price terms” or “Delivery terms” .They are sets of uniform rules codifying the interpretation of trade terms defining the rights and obligations of the buyer and the seller in international transactions.2、The Internet Chamber of Commerce isa nonprofit , volunteer-basedprofessional organization , which helps the business, government and academic community maximize the opportunities of Internet technology through education , information resources and networking.3、The Incoterms rules are an internationally recognized standard and are used worldwide in international and domestic contracts for the sale of goods. The rules have been developed and maintained by experts and practitioners brought together by ICC and have become the standard in international business rules setting. Launched in mid-September 2010, Incoterms 2010 came into effect on 1 January 2011. They help traders avoid costly misunderstandings by clarifying the tasks, costs and risks involved in the delivery of goods from sellers to buyers. Note that parties to a contract for the sale of goods can agree to choose any version of the Incoterms rules after 2011.It is important however to clearly specify the chosen version INCOTERMS 2010, INCOTERMS 2000 or any earlier version.第二章 Financial Documents第一节 Bill of Exchange1、要项：关于有条件或无条件支付命令的判断标准：An order to pay out a par ticular fund is notunconditional ;Anunqualified order to pay, coupled with (a) an indication of a p articular fund out of which the drawee is to reimburse himself o r a particular accountto be debited with theamount, or (b) a statement of the transaction which gives ris e to the bill,is unconditional.【Example 1】……pay to China Export Company the sum of U.S. DOLLARS THIRTY THOUSAND ONLY providing the goods they supply are complied with contract.【Example 2】…… pay to Taiyuan Tap Water Company only the sum of U.S. DOLLARS EIGHTY THOUSAND ONLYandcharge/debit same to applicant’s account maintained with you.【Example 3】……pay to Huabei Chemical Company out of proceeds in our No.622058 account the sum of U.S. DOLLARS NINETY THOUSAND ONLY.【Example 4】…… pay to Sunshine Machinery Company the sum of U.S. DOLLARS SEVEN THOUSAND ONLY. Drawn under L/C No. FK800213 issued by CITI Bank, New York dated on 8th Feb, 2016.关于货币金额的记载：【Example 1】…… pay to Huabei Chemical Company only the sum of U.S. DOLLARS THREE THOUSAND or TWO THOUSAND.【Example 2】…… pay to Huabei Chemical Company only the sum of ABOUT U.S.DOLLARS SEVEN THOUSAND.【Example 3】…… pay to China Export Company not to order the sum of U.S. DOLLARS THREE THOUSAND plus interest.【Example 4】…… pay to C hina Export Company only the sum of U.S. DOLLARS THREE THOUSAND plus interest at the rate 8% per annum added from the date hereof to the date of payment.【Example 5】…… pay to Taiyuan Tap Water Company the sum of U.S. DOLLARS THREE THOUSAND by installments.【Example 6】…… pay to Taiyuan Tap Water Company the sum of U.S. DOLLARS THREE THOUSAND by three equal consecutive monthly installments.【Example 7】Exchange for USD300.…… pay to the order of BOC the sum of U.S. DOLLARS THREE THOUSAND.关于抬头：关于付款期限：计算题：(1)Date of issue May 16th, 2016 ；Tenor of Payment At 60 days after date(2)Date of Acceptance Oct. 3rd, 2015 ；Tenor of Payment At 90 days after sight2、定义：An unconditional order in writing, signed by a person (drawer) such as a buyer, and addressed to another person (drawee), typically a bank, ordering the drawee to pay a stated sum of money to yet another person (payee) , often the seller, on demand or at a fixed or determinable future time.A bill of exchange is an unco nditionalorder in writing, addressed by one personto another, signed by the person giving it,requiring the person to whom it isaddressed to pay on demand or ata fixedor determinable future time a sum certainin money to or to the order of a specified person, or to bearer.3、特征：Negotiability ；Non-causative Nature；Requisite in Form4、票据行为：关于背书的类型：Special EndorsementBlank EndorsementRestrictive EndorsementConditional EndorsementEndorsement for Collection注意：Continuity of Endorsement关于提示：A draft must be duly presented for payment if it is a sight bill or duly presented for acceptance first and then presented for payment at maturity if it is a time draft.关于承兑：An acceptance draft is a time draft that has been accepted and signed by the drawee ( the buyer or the bank ) for payment at maturity..关于拒付：Act of dishonor is a failure or refusal to make acceptance on or payment of a draft when presented.(1) Can’t pay ;(2) Refuse to pay.关于追索：In the event of a draft beingdishonored, the holder has a right of recourse against the other parties thereto, that is, a right to claim compensation from the drawer or any endorser.Notice Of Dishonor：A notice on which default of acceptance or of payment by the drawee or the acceptor is advised, to be given by holder of a draft to the drawer and all the endorsers whom he seeks to hold liable for payment.Protest： A written statement under seal drawn up and signed by a Notary Public or other authorized person for the purpose of giving evidence that a draft has been presented by him for acceptance or for payment but dishonored.5、类型：第二节Promissory Note1、 A promissory note is 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 bearer.2、要项：3、分类：Promissory NoteCashier’s Order第三节 Cheque1、定义：Briefly speaking, a cheque isa bill of exchange drawn on a bank payable on demand. Detailedly speaking, a cheque is an unconditional order in writing addressed by the customer to a bank signed by that customer authorizing the bank to pay on demand a sum certain in money to or to the order of a specified person or to bearer.2、要项：3、分类：Open Cheque ：A cheque is possible to get cash over the counter.Crossed Cheque ：A crossed cheque is only credited to the bank account of the payee.Bearer Cheque：A cheque which is payable to any person who presents it for payment at the bank counter.Order Cheque ：A cheque which is payable to a particular person.4、案例（1）服装厂和布料厂的纠纷案件：服装厂已经提供了银行承兑汇票，但是在到期日拒付，因为布料厂的布料是残次品。
