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1、ChapterSeven InternationalPaymentsandSettlements TheMainContentsinThisChapter I BriefIntroductionofInternationalPaymentsandSettlementsII BasicMethodsofInternationalPaymentsandSettlementsIII ImportanceofDocumentsinInternationalPaymentsandSettlementsIV CreditInstrumentsV LetterofCreditVI Documentaryco
2、llection LearningObjectives Bytheendofthischapter youshouldbeableto DefinetheInternationalpaymentsandsettlements Explainthebasicpaymentmethods DefinetheLetterofCreditandUCP500 DefinethecollectionandURC522 Definethedraftanditskinds LearntomakedocumentsaccordinganL C PreviewCase Whenthetourists mercha
3、nts delegationsorotherpeoplegoabroad theyneedmoneytospend tobuysomething ortopayforvariousexpensesandchargesthere Themostcommonmeansforthemtocarryfundsarecash traveler scheck traveler sletterofcreditandcreditcard Doyouthinkthesearetheinternationalpaymentsandsettlements I BriefIntroductionofInternati
4、onalPaymentsandSettlements Aseverybodyknows mostinternationalpaymentsoriginatefromtransactionsintheworldtrade theyaremoneytransfersasaresultofinternationalclearing Paymentsofvisibletrade Paymentsofinvisibletrade Paymentsoffinancialtransaction Paymentsbetweengovernments Otherspaymentssuchasoverseasre
5、mittances educationalexpenses etc DefinitionofInternationalPaymentsandSettlements Internationalpaymentsandsettlementsarefinancialactivitiesconductedamongdifferentcountriesinwhichpaymentsareeffectedorfundsaretransferredfromonecountrytoanotherinordertosettleaccounts debts claims etc emergedinthecourse
6、ofpolitical economicorculturalcontactsamongthem ClassificationsofInternationalPaymentsandSettlements 1 Internationaltradesettlement2 Internationalnon tradesettlement EvolutionsofInternationalPaymentsandSettlements 1 Fromcashsettlementtono cashsettlement2 Fromdirectpaymentmadebetweeninternationaltrad
7、erstopaymenteffectedthroughafinancialintermediary3 Frompaymentsundersimplepricetermstopaymentsundermorecomplexpriceterms4 Internetera CharacteristicsofModernInternationalPaymentsandSettlements 1 Transferofforeignexchangefundsandconveyofmessagesareverymuchfacilitated2 Vehiclecurrenciesaremorediversif
8、iedthanbefore3 Greatimportanceisattachedtohighefficiencyonthepartoftheforeignexchangebanks4 Internationallendingisoftencombinedwithinternationalpayment MajorPointsConcerningInternationalPaymentsandSettlements 1 Internationalpaymentandsettlementmethods 2 Thefinancialinstrumentsthatfacilitateinternati
9、onalpaymentsandsettlements 3 Documentsusedininternationalpaymentsandsettlements 4 Thecurrenciesusedininternationalpaymentsandsettlements 5 Rulesandregulationsoninternationalpaymentsandsettlements ClearingSystemsofInternationalInter banks 1 SWIFT 世界银行远程通信协会 SocietyforWorldwideInter bankFinancialTelec
10、ommunication2 CHIPS 纽约银行同业电子清算系统 ClearingHouseInter bankPaymentSystems3 CHAPS 英国交换银行自动收付系统 ClearingHouseAutomatedPaymentSystems4 TARGETS 泛欧自动即时总额清算系统 Trans EuropeAutomatedReal timeGrossSettlementExpressTransfer II BasicMethodsofInternationalPaymentsandSettlements Settlementsoncommercialcredit1 Cashi
11、nadvance2 Openaccount3 Remittance4 CollectionSettlementsonbankcredit1 Letterofcredit2 Bankguarantee CashinAdvance ProvidesgreatestsecurityforsellerandgreatestriskforbuyerThebuyersimplyprepaysthesellerpriortoshipmentofthegoods Thistermofpaymentrequiresthatthebuyerhaveahighlevelofconfidenceintheabilit
12、yandwillingnessofthesellertodeliverthegoodsasordered OpenAccount Anarrangementbetweenthebuyerandsellerwherebythegoodsaremanufacturedanddeliveredbeforepaymentisrequired Openaccountprovidesforpaymentatsomestatedspecificfuturedateandwithoutthebuyerissuinganynegotiableinstrumentevidencinghislegalcommitm
13、ent Thesellermusthaveabsolutetrustthathewillbepaidattheagreeddate Itprovidestheleastriskforthebuyerandthegreatestriskfortheseller MajorRemittanceMethods Therearethreebasicwaysforabanktotransferfundsforitsclientfromthehomecountryabroad 1 M T MailTransfer2 T T TelegraphicTransfer3 D D Banker sDemandDr
14、aft4 SWIFT SocietyforWorldwideInterbankFinancialTelecommunication DocumentaryCollections Securityandalmostequalriskforbothbuyerandseller Lesscostlyandeasiertousethanadocumentaryletterofcredit Adocumentarycollectionissimilartointernationalcashondelivery COD Thesellershipsgoodstothebuyerbutsendsthedoc
15、uments includingthebilloflading titledocument throughthebankswithinstructionstoreleasethemtothebuyeronlyuponpayment Whenthebuyerobtainsthetitledocuments hehastherighttotakeownershipoftheshipment DocumentaryLetterofCredit SecurityandalmostequalriskforbothbuyerandsellerAddedcosts forthehandlingofthedo
16、cumentarycredit tobuyerAdocumentaryletterofcreditisabank swrittenpromisetopayaselleronbehalfofthebuyersolongasthesellercomplieswithpreciselydefinedtermsandconditionsspecifiedinthecredit BankGuarantee Abankguaranteeisusedasaninstrumentforsecuringperformanceorpaymentespeciallyininternationalbusiness Itisawrittenpromiseissuedbyabankattherequestofitscustomer undertakingtomakepaymenttothebeneficiarywithinthelimitsofastatedsumofmoneyintheeventofdefaultbytheprincipal Itmayalsobedefinedastheirrevocableo
