International Settlement国际结算

1、1INTERNATIONAL SETTLEMENTAbout this coursepthe nature of this course professional required course; practical coursepbilingual teaching teaching both in Chinese and Englishpteaching goal to help students to understand the fundamentals and basic methods of international settlement, grasp the basic ski

2、ll of the international settlement practice operation.pthe final exam overall scores =exam result(70%) +usual-time mark (30%)Teaching ArrangementpChapter 1 Introduction to International Settlement 3pChapter 2 Instruments 9pChapter 3 Remittance 6pChapter 4 Collection 6pChapter 5 Letters of Credit 9pC

3、hapter 6 Guarantees and Standby Letters of Credit 3pChapter 7 Factoring 3pChapter 8 Forfaiting 3pChapter 9 Documents Related to International Settlement and Examination 9Overview of the Text Book Bills of exchangeCheque Promissory NoteRemittanceCollection Letter of CreditBank Guarantee &Standby

4、Credit Commercial InvoiceTransportation Docs Insurance DocsOther Docs Import Trade FinanceExport Trade FinanceReference Booksp程祖伟，韩玉军，仝如琼.国际贸易结算与融资.北京：中国人民大学出版社，2012p秦定，高蓉蓉.国际结算（英文版）.北京：清华大学出版社，201201ChapterGeneral IntroductionGeneral IntroductionMain Contentsp1.1 International Trade and Settlementp

5、1.2 History and Development of International Settlementp1.3 International Clearing Systemsp1.4 The Worldwide Network of Banksp1.5 International Customs and Practice1.1 International Trade and SettlementpWhat is international settlement? International settlements are financial activities conducted am

6、ong different countries in which payments are effected or funds are transferred from one country to another in order to settle accounts, debts, claims, etc. 所谓国际结算，是指为清偿国际间的债权债务关系而发生在不同国家之间的货币收付活动。pThe main reasons for international settlement Most international settlements originate from transactio

7、n in the world trade. International political, economic and cultural exchange inevitably leads to credits and debts owed by one country to another.1.1 International Trade and Settlement1.1 International Trade and SettlementpThree elements in international settlement（国际结算中的三要素）: (1)Persons in differe

8、nt countries（不同国家） (2) Banks Participation（银行参与） With the expansion of global trade amongst countries, the role of banks is becoming more and more important. Most transactions must be settled through banks. Without the banks participation，international trade would not have been developed to the stag

9、e we have reached today. (3) Funds transfer (资金转移）Importer/ BuyerIn USA ExportersBankIn ChinaFundsGoods/commoditiesExporter/ Seller In ChinaImportersBankIn USABasic procedure of international settlementsShipping Co.FundsGoods1.1 International Trade and SettlementpTypes of International Settlement (1

10、)International Trade Settlement国际贸易结算 financial activities arisen from international commercial transactions. (2)International Non-trade Settlement非贸易结算 financial activities across the borders generated in the course of other economic, political and cultural exchanges.pWhat is international trade? w

11、orld trade / foreign trade / overseas trade The process of exchange of goods or services across national boundaries. Concerning trade operations of both import and export . Including the purchase and sale of both visible and invisible goods. Simply speaking, it is the exchange of goods and services

12、produced in one country for goods and services produced in another country. (1) International trade settlementSale contractSeller: address, telex/fax; Buyer:address, telex/faxGoodsQuality clause:the goods description, quality,specificationsQuantity clause: weight, numbers, length, dimension, volume,

13、 capacityPacking clause:mode of packing, and its materialPrice clause:unit price, pricing currency , price terms usedDeliver terms:time of delivery, port of loading and destination, transshipment, partial shipment ,mode of transportationInsurance clause:risks to be covered, the percentage of insuran

14、cePayment clause: payment method and its contentCommodity inspection clause: how the right of inspection is determined, the time, place and organization of inspectionClaim clause , arbitration clause & force majeure clausesPayment terms in the sales contractsp The supplier agrees that the buyer

15、will effect payments under the term of T/T against receipt of B/L by fax.p Hong Kong supplier agree that the buyer will effect payments under the term of CAD( Cash against Documents).p Only in case of new supplier and first order to them, the buyer might agree to effect payments under L/C terms. The

16、 L/C charges on the buyers side will be born by the buyer and the L/C charges on the suppliers side will be born by the supplier. The bill of lading will be made out to order and notify the buyer.p In case that the supplier still insist on L/C terms even after the first order, the supplier agree to

17、take over all L/C charges on him. In those cases we request a Bill of Lading to be made out to order .(2) International non-trade settlementpThere are many ways by which funds can be transferred from one country to another under invisible trade. pWhen the tourists, merchants, delegations代表团 or other

18、 people go abroad, they need money to spend, to buy something, or to pay for various expenses and charges there. pThe most common means for them to carry funds are cash , travelers check, travelers letter of credit and credit card. These are within the scope of non-trade settlement. For examplepfina

19、ncial transaction金融交易poverseas remittances 海外汇款p educational expenses教育开支p inheritances遗产继承ptechnology transfer技术转让ppatent 专利pcopyright contract版权合同pforeign exchange market transactions外汇市场交易（1）From cash settlement to non-cash settlement13 century A.D.InstrumentsBill of exchangePromissory NoteCheque

20、/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 centuryExpensiveRiskyTurnover of funds slowForeign exchange bank1.2 H

21、istory and Development of International Settlement（1）From cash settlement to non-cash settlementpFrom 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.（2）From direct payment ma

22、de between international traders to payment effected through a financial intermediaryp With 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 with valua

23、ble economic and credit information. （3）From simple price terms to more complex price termspIn the past, international trade payments were settled on very simple price terms, such as COD(cash on delivery), COS(cash on shipment), CBS(cash before shipment), etc. In modern international trade, a more c

24、omprehensive and exact set of terms has been developed.pAs indicated in INCORTERMS2010(International Rules for the Interpretation of Trade Terms)ICC Publication, the price terms available for use are multifarious and more complicated than before.Overview of Intercoms 2010 Trade TermsPlace of Deliver

25、yDivision of RisksEx. clearanceContract of Im. clearanceMode of transportcarriageinsuranceEXWSellers premisesGoods at the disposal of buyerBBB*BAny modeFASPort of shipmentGoods placed alongside the vesselSBB*BSea or inland waterwayFOBPort of shipmentGoods placed on board the vesselBB*BSea or inland

26、waterwayCFRPort of shipmentGoods placed on board the vesselSB*BSea or inland waterwayCIFPort of shipmentGoods placed on board the vesselSSSBSea or inland waterwayFCAInland place or port of shipmentGoods at the disposal of carrierSBB*BAny modeCPTInland place or port of shipmentGoods at the disposal o

27、f carrierSSB*BAny modeCIPInland place or port of shipmentGoods at the disposal of carrierSSBAny modeDATTerminal at Port or place of destinationGoods at the disposal of buyer at a named terminalSSBAny modeDAPInland place in the importing countryGoods at the disposal of buyerSSBAny modeDDPInland place

28、 in the importing countryGoods at the disposal of buyerSSSAny mode（4）International Settlement in New Era pWith the development of computer technology, business is done and payments and settlements are effected by means of all kinds of payment systems, which makes it quicker and safer and more conven

29、ient for both the Buyer and Seller.International Settlement in New Era Computerization on ClearingInnovation on ProductsInternational Settlement in New Era Enhancement on Financial MeansInternational Settlement in New Era Combination of International Settlement and LendingInternational Settlement in

30、 New Era 1.3 International Clearing Systems 目前，全世界有三大货币清算系统：p（1）纽约银行同业电子清算系统(Clearing House Interbank Payment System，CHIPS)。它是国际美元收付的计算机网络，总部设在纽约。p（2）伦敦银行同业自动清算系统(Clearing House Automated Payment System，CHAPS)。是英镑电脑联机收付系统，总部设在伦敦。1.3 International Clearing Systems p（3）环球银行金融电信协会(The Society for World

31、wide Interbank Financial Telecommunication，SWIFT)。该系统可以自动储存信息、自动加押、自动核对密押。SWIFT以其费用低廉、安全、可靠、快捷、标准化、自动化等优点，已成为银行之间划拨资金、开立信用证和往来联系的主要通信工具。pSWIFT在银行界的广泛使用，对提高国际银行同业间的信息处理与交换具有深远的意义。目前，除世界少数落后国家外，银行之间的信息往来普遍采用SWIFT方式。 Benefits offered by SWIFTpavailability, available to member and user banks 24 hours a

32、day, 7 days a week;pspeed, can be transmitted worldwide in a matter of seconds.psecurity, only member banks have access to the network through the use of secure log-on key. pStandardization, the most important and probably the strongest feature of SWIFT, is message text standards.Bank Identified cod

33、eBank of China中行中行BKCH CN BJThe Industrial and Commercial Bank of China工行工行ICBK CN BJThe Agricultural Bank of China农行农行ABOC CN BJThe Communication Bank of China交行交行COMM CN BJChina Construction Bank建行建行PCBC CN BJThe Peoples Bank of China人行人行PBOC CN BJChina Citic Bank中信银行中信银行CIBK CN BJAmerica Bank , S

34、hanghai Branch美国银行美国银行BOFX CN SXHongKong and Shanghai Banking Corporation, Ltd.香港上海汇丰银行有限公司HSBC CN SXSWIFT BICBank codeCountry CodeLocation Code1.3 International Clearing Systems pTARGET 欧洲间实时全额自动清算系统欧洲间实时全额自动清算系统 (Trans-European Automated Realtime Gross Settlement Express Transfer) for clearing of

35、Euros (EUR)pBOJ-NET 日本银行金融网络体系日本银行金融网络体系(Bank of Japan Net) for clearing of Japanese yen (JPY) pCHATS 香港银行间清算所自动转账系统香港银行间清算所自动转账系统 (Clearing House Automated Transfer System) for clearing of HKDp(1)Types of International Banking Offices 商业银行的分支机构类型p(2)Correspondent/Representative Bank 代理行p(3)Deposito

36、ry bank 账户行1.4 The Worldwide Network of Banks1.4 The Worldwide Network of Banksp(1)Types of International Banking Offices分行和支行 (BRANCH & SUB-BRANCH)，分行和支行之间的关系称为“联行关系 (SISTER BANK)”代表处 (REPRESENTATIVE OFFICE)经理处 (AGENCY OFFICE)子银行 (SUBSIDIARY)，它是在东道国注册的独立金融机构，具有法人地位联营银行(AFFILIATED BANK)银团银行 (CON

37、SORTIUM BANK) Bank of China Overseas branchp(2)Correspondent/Representative Bank 代理行 A bank having direct connection or friendly service relations with another bank. The bank may open deposit accounts with, and entrust business to each other on a reciprocal basis. Depository bank must be corresponde

38、nt bank, but correspondent bank is not necessarily depository bank. 1.4 The Worldwide Network of BanksHow to establish correspondent bank relationshipHow to establish correspondent bank relationship Choose the best bank The following factors should be considered: The reputation of the bank声誉 Size of

39、 the Bank规模 Location of the bank地理位置 Service offered by the bank 业务经营范围 the development of its international banking business自身发展 Signing contract and exchanging control documents控制文件 Control documents include: Specimen Signature （印鉴样本）：Verify the messages or letters(airmailed) are authentic Telegra

40、phic test key（密押）：Verify the telex and cable are authentic Schedule of Terms and conditions（费率表） 中国银行国际结算业务资费标准中国银行国际结算业务资费标准p(3) Depository bank 账户行pCurrent account Nostro account往账 The Italian word “Nostro” means “our”. Nostro account is the foreign currency account of a major bank with the foreig

41、n banks abroad to facilitate international payments and settlements.我行在它行我行在它行开立的存款账户开立的存款账户 Vostro account来账 The Italian word “Vostro” means “your”. Vostro account is an account held by a bank on behalf of a correspondent bank.它行在我行开立的存款账户它行在我行开立的存款账户1.4 The Worldwide Network of BanksMidland Bank,

42、London, UK Citibank, New York, USA 1000 USD a/c 1000GBP a/c From the view of Midland Bank, this account is called Nostro Account(往账往账).From the view of Citibank, this account is called Vostro Account(来账来账).From the view of Midland Bank, this account is called Vostro Account(来账来账).From the view of Citibank, this account is called Nostro Account(往账往账).Samples of reimbursement methodsp“In cover, we have credited the sum to your account with us.”p“Please debit the sum to account with