国际支付与结算

1、国际支付与结算国际支付与结算 0101IntroductionIntroductionIntroduction to the course This course is one of the important courses of international trade and banking practice. It will introduce the evolvement of the international payments and settlements, the principles of draft, documentary collections, letters of

2、credit, forfeiting and factoring and their usage as well as the international rules and regulations regarding international payments and especially introduce UCP 500 and UCP600. Aim of the course The overall aim of this course is to develop the students understanding in international payments and se

3、ttlements and to increase the students ability to conduct international trade and banking practices. The students will develop a better understanding of the advantages as well as the risks involved in using these payments methods. Aim of the course By the end of the course, the students will be able

4、 to understand the documentation, international rules and regulations regarding international trade finance; to understand the principles of letter of credit, documentary collections, instruments, etc.; to understand the different types of letters of credit and their usages in practice. This course

5、will also keep the students well-informed of the latest developments in international finance.What will you learn in this course?l 1. Three major financial instruments:l bill of exchange（汇票）（汇票）, promissory note（本票）（本票）, check (cheque支票支票)l 2. Four major international settlement methodsl remittance（

6、汇款）（汇款）, collection（托收）（托收）, letter of credit（信用证）（信用证）, letter of guarantee （保函）（保函）l 3. Other documentsl commercial invoice（发票）（发票）, transport documents（运输单据）（运输单据）, insurance documents（保险单）（保险单）l 4. International customs and practice for international settlementsl URC522（托收统一规则）（托收统一规则）, UCP600（跟

7、单信用证惯例）（跟单信用证惯例）, Incoterms （国际贸易术语）（国际贸易术语）Requirements After studying the course， the students are required to be able to draw a draft, check or promissory note, know the procedures of major payment methods, issue and examine documents under a letter of credit or collection transaction, and apply

8、the terms of UCP 500 and UCP600 to analyze cases. Suggestions of learning the courselText book reading: previewing and reviewing;lPay special attention to the rules and customs in international payment and settlements;lThe working procedures of different types of payment methods; Always keep in mind

9、 the four-party chart.lRemember the special terms SellerSellers BankBuyerBuyers BankResources of the course are available: http:/ International Payments and Settlements (IPS)Chapter One IntroductionOpening RemarkslIn international transactions, the movement of merchandise and the transmission of pay

10、ments identify difficult technical and legal problems.lIn international transactions, both buyers and sellers are a distance from each other, sellers want to get paid and buyers want to get what they paid for. lThe course provides students with the fundamentals of payments and settlements in interna

11、tional trade; lThe course also empowers students to think in terms of the International Payments and Settlements. lMoreover, it is no easy matter to ensure that a payment or delivery, having been promised, will actually be made. lThis curriculum provides an introduction to the principal instruments

12、for achieving (documentary collections and L/C etc.) and (bank guarantees) in international trade.Opening RemarkslIt also deals with financial instruments by which international payments are facilitated (bills of exchange, promissory notes and checks etc.).lWe hope the course will provide the learne

13、rs with useful advice and information about payments and settlements at every stage of an international transaction. lIt will also appeal to students and general public who wish to acquire a basic understanding of the risks of international trade and the means by which they can protect against vario

14、us risks.Definition of IPSlIPS are financial activities conducted among different countries in which payments are effected or funds are transferred from one country to another in order to settle accounts, debts, claims, etc. emerged in the course of political, economic or cultural contacts among the

15、m. Definition of IPSlAs everybody knows, most international payments originate from transactions in the world trade. They are money transfers as a result of international clearing, such as visible trade, invisible trade/financial transaction/payments between governments/ others.How many internationa

16、l transactions can you list?lvisible trade有形贸易l invisible trade无形贸易l financial transaction金融交易loverseas remittances 海外汇款l educational expenses教育开支l inheritances遗产继承How many international transactions can you list?l technology transfer技术转让l patent 专利l copyright contract 版权合同l foreign exchange market

17、transactions金融市场交易l export credits出口信贷l syndicated loans辛迪加贷款/银团贷款l international bond 国际债券The special implication of IPS practice1.International Trade Settlementl With the expansion of global trade amongst countries, the role of banks in international trade finance is becoming more important. Most

18、transactions must be settled through banks. lWithout the banks participation, international trade would not have been developed to the stage we have reached today.The special implication of IPS practicel There are many ways by which funds can be transferred from one country to another under trade se

19、rvice. When the tourists, merchants, delegations or other people go abroad, they need money to spend, to buy something, or to pay for various expenses and charges there. lThe most common means for them to carry funds are cash, travelers check, travelers letter of credit and credit card.Evolution of

20、IPS: from cash settlement Evolution of IPS: from cash settlement to non-cash settlementto non-cash settlementlBefore the sixth century B.C, goods were exchanged between traders in different countries on a barter basis. A barter system put the trading parties at great inconvenience. lA medium of exch

21、ange was created in the form of coins at the beginning of the 15th century B.C., thereby ending the barter transactions. lThese coins were measured and exchanged by weight and fineness among trading countries for settling international payments. 1. From cash settlement to non-cash settlement13 centu

22、ry A.D.InstrumentsBill of exchangePromissory NoteCheque/checkNon-Cash Settlement非现金结算Exchange for GBP1,250.00 Beijing,1 April,2003At sight pay to the order of DEF Co.the sum of Pounds one thousand two hundred and fifty onlyTo XYZ Bank, For ABC Co., Beijing London (signature) End of 18 centuryExpensi

23、veRiskyTurnover of funds slowForeign exchange bankBill of exchangeForeign exchange bank13 century A.D.end of 18 century A.D.Foreign exchange market From cash settlement to non-cash settlementlSince then, international payments have been effected by shipping precious metals taking the form of coins,

24、bars or bullions to or from the trading countries. lThis direct transfer of precious metals is called a cash settlement. lFreight costs were high, the risk of being lost, stolen or robbed was omnipresent（无处不在）, and what is more, the speed of transferring funds depended on the speed of transportation

25、 facilities, which often slowed the turnover（周转） of funds.Evolution of IPS Non-cash settlementslFrom the thirteenth century A.D., bills of exchange were created, gradually taking the place of coins in international payments, and the bill of exchange market began to develop. Evolution of IPSlNowadays

26、 non-cash settlements are universally adopted all over the world. lThere is no denying the fact that the establishment of foreign exchange markets does play a very important role in creating and developing non-cash settlements, for foreign exchange banks are allowed to buy and sell foreign exchange

27、freely in these markets so as to meet the needs of international banking business.2. From direct payment made between traders to payment through a financial intermediary lAs mentioned above, initially, international trade payments were made by the buyers directly to the sellers by means of precious

28、metal shipments. lAs foreign exchange banks were set up over time in different regions the world over, the payment channel changed, especially after a new means of payment, namely the bill of exchange, had been widely used in IPS. lThese banks acted as intermediaries effecting international payments

29、 by the buyers to the sellers. Evolution of IPSlWith the worldwide banking network and modern banking technicality, banks can not only provide easy and quick transfer of funds needed for conducting international trade but also furnish their customers valuable economic and credit information. lNowada

30、ys they have become the center of international settlements. 3. From payments under simple price terms to payments under more complex price termslAs indicated in INCOTERMS 2000 (International Rules for the Interpretation of Trade Terms) ICC Publication, the price terms available for use are multifar

31、ious（各种各样） and more complicated than before. 13 termslIncoterms 2010, 11 termsEXWEX WORKS(named place)工厂交货条件工厂交货条件FCAFREE CARRIER( named place)交至承运人条件交至承运人条件FASFREE ALONGSIDE SHIP ( named port of shipment)船边交货条件船边交货条件FOBFREE ON BOARD ( named port of shipment)装运港船上交货条件装运港船上交货条件CFRCOST AND FREIGHT ( n

32、amed port of destination)成本加运费条件成本加运费条件CIFCOST, INSURANCE AND FREIGHT ( named port of shipment)成本成本加运保费交货条件加运保费交货条件CPTCARRIAGE PAID TO ( named port of shipment)运费付至运费付至交货交货CIPCARRIAGE AND INSURANCE PAID TO ( named port of shipment)运保费付至运保费付至交货条件交货条件DATDelivered At Terminal ( named place)目的港交货条件目的港交货

33、条件DAP (new delivery term) Delivered At Place 特定地点交货条件特定地点交货条件DDPDELIVERED DUTY PAID ( named port of shipment)完税交货条件完税交货条件4. Internet era lWith the development of computer technology, business is done and payments and settlements are effected by means of all kinds of payment systems, which make it qu

34、icker and safer and more convenient for both the buyer and seller. lInternet is developing very fast, people are trying to make payment on line. This is called net banking. lAlthough there are a lot of problems to be solved, net banking is very promising. P R环球银行间金融电讯协会纽约清算所交换银行相互收付系统伦敦交换银行自动收付系统联邦储

35、备清算系统 Communication networkDomestic SettlementDomestic Settlement International settlementsInternational settlementssettlementsettlementInternational Trade SettlementInternational Trade SettlementInternational Non-Trade SettlementInternational Non-Trade SettlementInstrumentsInstrumentsMethodsMethods

36、DocumentsDocumentsRulesRulesBill ofBill ofExchangeExchangeMain methodsMain methodsOther methodsOther methodsbasicbasicAdditionalAdditionalPromissory Promissory notenoteCheckCheckRemittanceRemittanceLetter ofLetter of credit creditCollectionCollectionFactoringFactoringLetter of Letter of guaranteegua

37、ranteeForfeitingForfeiting Standby letter Standby letter of creditof creditInvoiceInvoiceBill of Bill of LadingLadingInsurance Insurance documentsdocumentsPackingPacking list listWeightWeight list listCertificate ofCertificate of Original Original All kinds ofAll kinds of Certificates CertificatesUR

38、GURGUCPUCPURCURC Correspondent Banking RelationshipDefinition of Correspondent BanklInternational banking is effected through the cooperation of commercial banks all over the world. This cooperation comes from the establishment of correspondent relationships between banks. lThe so-called corresponde

39、nt bank may be defined as “a bank having direct connection or friendly service relations with another bank.” lEven for large international banks such as the Bank of China, the establishment of correspondent relationship is still very important because they cannot do any business without the cooperat

40、ion of local banks. l Under an agency arrangement, a Chinese bank, for example, may have a prior agreement with a foreign bank to the effect that each will function as the agent of the other in its own country. lThe banks may open deposit accounts with, and entrust business to each other on a recipr

41、ocal basis. lWhen establishing a correspondent banking relationship, two banks concerned will exchange information on the services they can perform or cooperate for each other. lUsually “A” Bank and “B” Bank shall be supplied with the control documents when they are establishing an agency banking re

42、lationship. The control documents include:List of Specimen Authorized SignatureslThe authorized signatures are used for authentication of the messages, letters, remittances, letters of credit, etc. addressed by the bank to its correspondent bank. lA banks signature book contains facsimiles（副本） of si

43、gnatures of authorized officers. A bank draft will not be paid if it bears no authorized signatures. lWhen signatures thereon, such as letter of credit are found out of their previous shapes compared with the specimen in authorized signature book, they have to be confirmed by tested telex.Telegraphi

44、c Test KeyslThe telegraphic test keys are code arrangements that enable the banks receiving cables from other banks to verify that the cables/telexes are authentic in the absence of written signatures. These codes are strictly confidential. Telegraphic Test KeyslIn compliance with the request in “A”

45、 Bank, “B” Bank is enclosing under sealed cover a table of his serial and rotation numbers to be used in conjunction of Telex/Cable messages from “B” to “A”. lIt is important to destroy the testing documents and confirm that fact by returning letter duly signed as soon as “A” receives the canceling

46、letter.Terms and Conditions By negotiation, both correspondent banks may reach some agreements on the terms and conditions of their business. Terms and ConditionsFor example: “If instructions to cancel a collection are received prior to the presentation of bills to drawees, commission will be charge

47、d at minimum rate for collections. Postage, cable charges and any other expenses arising from transactions entrusted to our care are to be collected from you at their actual costs.” SWIFT Authentic KeylThis is an electronic “key” that is used between SWIFT member banks for authenticating all message

48、s to be transmitted through SWIFT. Inter-bank AccountslA current account or a checking account may be opened between banks with the establishment of a correspondent banking relationship. lAny bank before opening an account in its correspondent bank, must be aware of the detailed conditions of this connection, lsuch as amount of initial deposit, minimum credit balance for covering the cost of services provided, interest rate of the account, overdraft permission, and how oft