国际结算与实物案例第9章

1、lInternational political, economic and cultural exchange inevitably leads to credits and debts owed by one country to another.lThe international settlement involves both tangible and intangible trades, foreign investments, funds borrowed from or lent to other countries and so forth. To be more speci

2、fic, international payments and settlements can also be necessary financial activities rendered from commercial payments, payments for the services rendered, payments between governments, and the transfer of funds among countries. lInternational payments and settlements are financial activities cond

3、ucted among different countries in which either payments are effected or funds are transferred from one country to another for the purpose of settling accounts, debts, claims, etc. lUsually international settlement is divided into three broad categories: remittance, collection and letter of credit.

4、Negotiable instruments, however, ways of international settlement and documents used in the international settlement sometimes constitute the framework of international settlement. lTracing back the history of international settlement, the medium of exchange originated from coins. Later on, commerci

5、al drafts and other credit instruments emerged and became popular to meet the needs of the constantly increasing business activities in both geographical regions and volume of the international trade.lDepending on the creditability of financial institutions, both buyers and sellers are usually willi

6、ng to complete their settlement through banks respectively, and a financial arrangement could be reached then. Therefore, many banks have focused on their business of international settlement and trade finance.lMost of the international payments originate from transactions in the world trade. With t

7、he enormous amount of international trade activities, the volume of the international settlement has reached trillions of US dollars nowadays. Banks, as a result, are focusing more and more on the development of the business because it is a major resource of profit. lThe International Chamber of Com

8、merce is the world business organization. It is the only representative body that speaks with authority on behalf of enterprises from all services in every part of the world.l(1)International Practices concerning Bills: Bill of Exchange Act, 1882, Jeva Uniform Bill Act.l(2)International Practices co

9、ncerning Settlement : (Uniform Rules for Collection, ICC Publication No. 522), Uniform Customs and Practice for Commercial Documentary Credits, 1993 Revision, ICC Publication No. 500).l(3)International Practices concerning Documents: Hague Rules, Hamburg Rules, International Convention Concerning th

10、e Transport of Goods by Rail, Agreement on International Rail-Road through Transport of Goods, Uniform Rules for a Combined Transport Documents, Institute Cargo Clauses, ICC, International Rules for Interpretation of Trade Terms, Incoterms 2000 and UNCITRAL Arbitration Rule. l1.5.1 General Introduct

11、ion lSince the 1950s, the US dollar(USD) has been the primary currency for the settlement of international payments. It is therefore important for modern day bankers to understand the US dollar clearing environment and its latest developments. USD payment systems are the means by which the payments

12、are processed and settled among banks. l(1)CHIPSThe Clearing House Interbank Payment System is a computerized, interbank funds transfer payment system operated by the New York Clearing House Association (NYCHA). CHIPS is used primarily for high-value, international payments, often for further credit

13、 to the participants customers and branches. l(2)FEDWIREFEDWIRE is an electronic payment system operated by the US Federal Reserve. It is used to make US dollar payments to banks and their customers throughout the United States. l(3)Book TransferBook Transfer is a payment made between parties that m

14、aintain accounts at the same bank. l(4)CheckIn cases when one is unable to locate a US bank with which a US beneficiary has an account relationship, he may instruct the bank to pay by check. l(5)ACH (Automated Clearing House) was created in early 1970s in an attempt to offer an alternative to contin

15、ued check volume growth. Table 1.1 Comparison between FEDWIRE and CHIPS FEDWIRECHIPSPrimary US dollar settlement mechanismPrimary international US dollar interbank settlement mechanismUsed by over 10,000 depository institutionsApproximate 82 participants in New York City and with over 20,000 users i

16、n the worldSettlement on a transaction by transaction basisSettlement on a “net-net” basis via FEDWIRE at end of dayRisk control through Sender Net Debit CapsRisk control through Bilateral Credit Limits and Sender Net Debit Capsl(1)Sense of correspondent lInternational banking is effected through th

17、e cooperation of commercial banks all over the world. In a sense, banks themselves are the best customers for each other. Their activities assist each other and thereby assist each others customers. This cooperation comes from the establishment of correspondent relationship between banks. l(2)Accounts lWell known banks with first-class services, strong funding resources, high quality of telecommunication equipments are the priority to be considered