国际结算双语教材英语版.docx
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国际结算双语教材英语版.docx
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国际结算双语教材英语版
IntroductiontoInternationalSettlement
Internationalpolitical,economicandculturalexchangeinevitablyleadstocreditsanddebtsowedbyonecountrytoanother.
Theinternationalsettlementinvolvesbothtangibleandintangibletrades,foreigninvestments,fundsborrowedfromorlenttoothercountriesandsoforth.Tobemorespecific,internationalpaymentsandsettlementscanalsobenecessaryfinancialactivitiesrenderedfromcommercialpayments,paymentsfortheservicesrendered,paymentsbetweengovernments,andthetransferoffundsamongcountries.
1.1Definition
Internationalpaymentsandsettlementsarefinancialactivitiesconductedamongdifferentcountriesinwhicheitherpaymentsareeffectedorfundsaretransferredfromonecountrytoanotherforthepurposeofsettlingaccounts,debts,claims,etc.
1.2TypesofInternationalSettlement
Usuallyinternationalsettlementisdividedintothreebroadcategories:
remittance,collectionandletterofcredit.Negotiableinstruments,however,waysofinternationalsettlementanddocumentsusedintheinternationalsettlementsometimesconstitutetheframeworkofinternationalsettlement.Forexample,thefollowingpaymenttermscanbereadinthesalescontracts.
(1)ThesupplieragreesthatthebuyerwilleffectpaymentsunderthetermofT/TagainstreceiptofB/Lbyfax.
(2)HongKongsuppliersagreethatthebuyerwilleffectpaymentsunderthetermofCAD(CashagainstDocuments).
(3)Onlyincaseofnewsuppliersandfirstordertothem,thebuyermightagreetoeffectpaymentsunderL/Cterms.TheL/Cchargesonthebuyer'ssidewillbebornbythebuyerandtheL/Cchargesonsupplier'ssidewillbebornbythesupplier.TheBillofLadingismadeouttoorderandnotifythebuyer.
(4)IncasethatthesupplierstillinsistonL/Ctermsevenafterthefirstorder,thesupplieragreetotakeoverallL/Cchargesonhimaswellasthebuyer'sside.InthosecaseswerequestaBillofLading.
1.3HistoryandDevelopmentofInternationalSettlement
Tracingbackthehistoryofinternationalsettlement,themediumofexchangeoriginatedfromcoins.Lateron,commercialdraftsandothercreditinstrumentsemergedandbecamepopulartomeettheneedsoftheconstantlyincreasingbusinessactivitiesinbothgeographicalregionsandvolumeoftheinternationaltrade.
Dependingonthecreditabilityoffinancialinstitutions,bothbuyersandsellersareusuallywillingtocompletetheirsettlementthroughbanksrespectively,andafinancialarrangementcouldbereachedthen.Therefore,manybankshavefocusedontheirbusinessofinternationalsettlementandtradefinance.
Mostoftheinternationalpaymentsoriginatefromtransactionsintheworldtrade.Withtheenormousamountofinternationaltradeactivities,thevolumeoftheinternationalsettlementhasreachedtrillionsofUSdollarsnowadays.Banks;asaresult,arefocusingmoreandmoreonthedevelopmentofthebusinessbecauseitisamajorresourceofprofit.
1.4InternationalCustomsandPractices
TheInternationalChamberofCommerceistheworldbusinessorganization.Itistheonlyrepresentativebodythatspeakswithauthorityonbehalfofenterprisesfromallservicesineverypartoftheworld.
(1)InternationalPracticesconcerningBills:
BillofExchangeAct,1882,JevaUniformBillAct.
(2)InternationalPracticesconcerningSettlement:
(UniformRulesforCollection,ICCPublicationNo:
522),UniformCustomsandPracticeforCommercialDocumentaryCredits,1993Revision,ICCPublicationNo.500).
(3)InternationalPracticesconcerningDocuments:
HagueRules,HamburgRules,InternationalConventionConcerningtheTransportofGoodsbyRail,AgreementonInternationalRail-RoadthroughTransportofGoods,UniformRulesforaCombinedTransportDocuments,InstituteCargoClauses,ICC,InternationalRulesforInterpretationofTradeTerms,Incoterms2000andUNCITRALArbitrationRule.
Instruments
2.1GeneralIntroduction
BillsofExchange,cheques,andpromissorynotesareallknownasnegotiableinstruments.Itisafundamentalprincipleofpropertylawthatwecannotobtainabettertitlethanthatpossessedbythepersonfromwhomwereceivedit.Thereisalwaystheriskthatthatpersonhasnotitletothepropertybecausehehasstolenitorobtaineditfromsomeotherpersonwhogotimproperly.Thetrueowner,ondiscoveringthepropertyandprovinghisrighttoit,candemandthepropertyberestoredtohim.Ourremedyistolookforthepersonfromwhichwereceivedthepropertyandtrytogetourmoneyback.Thatpersonwillinturnclaimfromhisimmediatetransferor,thistracingrightgoesonuptotheunfortunateonewhoboughtthepropertyfromthethief.
2.2BillsofExchange
ABillofExchange(draft)isacommercialinstrument.Itisanunconditionalorderinwriting,addressedbyonepersontoanother,signedbythep
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