國(guó)際結(jié)算第一講

1、國(guó)際結(jié)算Why do we study international settlement?International settlement in fact is the course that tells us how to make payment in an international transaction. The purpose of learning this course are:(1)Providing some information on fundamental principles （基本原則）and theories which are closely associat

2、ed with the international trade payment.(2)Making the readers or learners familiarize with the customs and practice in international trade payment Do you know how to make payment safely and efficiently in the international trade?Do you know how to finance(籌集資金) in the international trade?Do you know

3、 the customs and practice in international trade payment?(UCP600)（習(xí)慣和慣例）The Research Objective of International Settlement 1.Tools of international payment and settlement（國(guó)際結(jié)算工具）（國(guó)際結(jié)算工具）4.International payment system （國(guó)際支付體系）（國(guó)際支付體系）3. Documents of international Payment and Settlement（國(guó)際結(jié)算單據(jù)）（國(guó)際結(jié)算單據(jù)

4、）2.Methods of international payment and settlement（國(guó)際結(jié)算方式）（國(guó)際結(jié)算方式）Check支支票票Bill of Exchange匯匯票票 Promissory Note本票本票Foundation of international settlementLetter of guarantee銀行保函銀行保函Remittance匯款匯款Collection托收托收Letter of credit信用證信用證Factoring保理保理Forfeiting福費(fèi)廷福費(fèi)廷Nowadays methods are constantly developin

5、gInsurance Documents保險(xiǎn)單據(jù)保險(xiǎn)單據(jù)Invoice發(fā)票發(fā)票Transport Documents運(yùn)輸單據(jù)運(yùn)輸單據(jù)CHIPS（清算所同業(yè)支付系統(tǒng)）（清算所同業(yè)支付系統(tǒng)）SWIFT(環(huán)球銀行金融電訊協(xié)會(huì)）環(huán)球銀行金融電訊協(xié)會(huì)）CHAPS（交換銀行自動(dòng)收付系統(tǒng)）（交換銀行自動(dòng)收付系統(tǒng)）匯票、本票、支票的區(qū)別支票(Cheque;Check)：僅作支付作用，有現(xiàn)金支票和轉(zhuǎn)賬支票兩種。 需先在付款銀行存有不低于票面金額的存款。見票即付。一張正本。持票人應(yīng)該自出票日起10日內(nèi)提示付款。 匯票(Bill of Exchange;Draft)：支付和信用兩種作用。由出票人簽發(fā)，委托付款人在見

6、票時(shí)或在指定日期無條件支付確定的金額給收款人或持票人。 分為銀行匯票(Bankers Draft)和商業(yè)匯票(Commercial Draft),有即期（Sight Draft)和遠(yuǎn)期匯票（Time Bill of usance Bill)之分. 不付帶商業(yè)單據(jù)的匯票為光票（Clean Bill)，銀行匯票多為光票。 附帶商業(yè)單據(jù)的匯票為跟單匯票（Documentary Bill),商業(yè)匯票一般為跟單匯票。單據(jù)是一套（一式兩分或數(shù)份），有副本。 本票（Promissory Note)：支付和信用兩種作作。由出票人簽發(fā)，承諾自己在見票時(shí)無條件支付確定的金額給收款人或持票人的票據(jù)。本票的出票人必須

7、具有支付本票金額的可靠資金來源 分商業(yè)本票和銀行本票，商業(yè)本票分為即期和遠(yuǎn)期，銀行本票都是即期的。一張正本。Reference books（參考書）Written in English by Chinese國(guó)際支付與結(jié)算清華大學(xué)出版社，肖云南主編國(guó)際貿(mào)易結(jié)算武漢大學(xué)出版社 何康民主編國(guó)際貿(mào)易結(jié)算教程西南財(cái)經(jīng)大學(xué)出版社 何澤榮主編Written in Chinese國(guó)際結(jié)算高等教育出版社 梁琦編國(guó)際結(jié)算中國(guó)人民大學(xué)出版社 沈瑞年等編Brief Introduction to International Settlement1 ChapterChapter Objectives Concept o

8、f international settlement International trade settlement and non-trade settlement Evolution of international settlement（演進(jìn)） Characteristics of international settlement Basic methods of international payment and settlement What is international settlement?1. Of, relating to, or involving two or more

9、 nations（涉及或包含兩個(gè)以上的國(guó)家）2. Extending across or transcending （勝過超越）national boundaries（拓展到本國(guó)邊界之外的）internationalsettlementTransfer of property(money) to provide for the future needs of a personIn simple words,international settlement means money transfer across national borders. What is international se

10、ttlement? Definition of International settlement ：International settlement refers to the money transfer via banks to settle accounts（結(jié)賬）,debts and claims（債權(quán)） among different countries. 國(guó)際結(jié)算的定義 國(guó)際結(jié)算是指處于兩個(gè)不同國(guó)家的當(dāng)事人，通過銀行辦理的兩國(guó)間貨幣收付業(yè)務(wù)。 What is international settlement? Three elements in international sett

11、lement （國(guó)際結(jié)算中的三要素） (1)Persons in different countries（不同國(guó)家） (2) Banks Participation（銀行參與） (3) Funds transfer (資金轉(zhuǎn)移）What is international settlement? (1)Persons in different countries（不同國(guó)家）MexicoHavanaPeruBrazilWest AfricaWesternEuropeManilaPacificOceanPacificOceanIndianOceanEast AfricaIndiaChinaSouth

12、east AsiaBalticHormuzAdenAcehNorth AmericaCentral AsiaCantonMalaccaCaribbeanAtlanticOceanTrade RouteWhat is international settlement? (1)Persons in different countries（不同國(guó)家）Buyers and sellers in the international transaction are not competitors,but cooperative partners for seeking long-term and comm

13、on interest.Buyers and sellers,how is their relationship (2) The role of Banks Participation（銀行參與） (1)facilitating（促進(jìn)） funds transfer efficiently world-wide;BuyerBank ABank BSellerDifficult to make cash payment seller and buyer are always far from each other, it is inconvenient and dangerous for sel

14、ler and buyer to make direct cash payments from one country to another country. transaction (2) The role of Banks Participation（銀行參與） (2)promoting transactions because of their easily supervising both buyer and seller;BuyerBank ABank BSellerStranger to each other Hard to make transactionIn the trans

15、action, both buyers and sellers want to make profit and to expose themselves to the least risk possible. The buyer and seller may be strangers, they dont trust each other. There should be an intermediary（中間人）（中間人） which helps the international trade to succeed. What is international settlement? (3)F

16、unds transfer (資金轉(zhuǎn)移） Funds transfer always happens in the following activities: visible tradevisible trade invisible tradeinvisible trade financial transaction payment between governments importing and exporting the tangible（有形資產(chǎn)） and visible commodity and goods.Importers in one country must make pa

17、yment to exporters in another country for their imported goods;on the other hand,exporters must receive payment from the overseas buyers.It includes service trade,technology transfer,patent,copyright contracts,etc. service trade include all receipts and payments between the residents and foreigners

18、on transportation,insurance,travel,communications,postage and bank service,etc. International financial transaction covers foreign exchange market transaction,government supported export credits,syndicated loans,etc.（聯(lián)合貸款）The government of one country may make payment to that of another country for

19、political,military,or economic reasons,such as giving aids and grants（政府補(bǔ)助）,providing disaster relief（賑災(zāi)）,etc. Types of International SettlementInternational settlements originate from （發(fā)源于）（發(fā)源于）transactions in the world trade. And it can be divided into the following two types : visible tradevisibl

20、e trade invisible tradeinvisible trade financial transaction payment between governments International Trade SettlementInternational Non-trade SettlementAccounting for 80% International settlementServiceFinancial transactionTravelOther non-trade settlement Accounting for 20% International settlement

21、,but increasing quicklyEvolution of Modern International Settlement From （barter transaction） to cash settlement 從易貨交易到現(xiàn)金結(jié)算 From cash settlement to non-cash settlements 從現(xiàn)金結(jié)算到非現(xiàn)金結(jié)算 From direct payment made between international traders to payment effected through a financial intermediary 從直接支付到通過金融中

22、介支付 From payments under simple price terms to payments under more complex price terms 從簡(jiǎn)單貿(mào)易術(shù)語(yǔ)結(jié)算到復(fù)雜貿(mào)易術(shù)語(yǔ)結(jié)算 From traditional settlement to E-settlement 從傳統(tǒng)結(jié)算到電子結(jié)算Evolution of Modern International Settlement From barter transaction to cash settlement(從易貨交易到現(xiàn)金結(jié)算）cash settlementGoods to coins to goodsbart

23、er transactionGoods for goodsBefore 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.Then, a medium of exchange was created in the form of coins at the beginning of the fifth century B

24、.C.,thereby ending the barter transactions.At this periods,most coins is precious metal. Evolution of Modern International Settlement From cash settlement to non-cash settlements(從現(xiàn)金結(jié)從現(xiàn)金結(jié)算到非現(xiàn)金結(jié)算）算到非現(xiàn)金結(jié)算）The shipment(裝載的貨物) of gold or silver across national boundaries was both expensive and risky.Fre

25、ight costs（運(yùn)費(fèi)運(yùn)輸成本） were high,the risk of being lost, stolen or robbed was everywhere.And the more important is the poor transportation facilities.cash settlementGoods to coins to goodsFrom the thirteenth century A.D.,bills of exchange （匯票）were created, gradually taking the place of coins in internat

26、ional payments, and the bills of exchange market began to develop. With the establishment of foreign exchange bank at the end of eighteenth century,international payments could be settled by way of transferring funds through the accounts opened in these banks.From then on,the non-cash settlement era

27、 began. Nowadays non-cash settlements are adopted all over the world. Non-cash settlementBills of exchange to GoodsEvolution of Modern International Settlement From direct payment made between international traders to payment effected through a financial intermediary(從直接支付到通過金融中介支付）As foreign exchan

28、ge banks were set up over time in different regions around the world ,the payment channel has changed,especially after a new means of payment, namely the bill of exchange, had been widely used in international payments and settlements.These banks acted as intermediaries effecting international payme

29、nts by the buyers to the sellers. Banks are playing more and more important roles in international trade and become the center of international settlement. Buyer to sellerBuyers to banks to sellersEvolution of Modern International Settlement From payments under simple price terms to payments under m

30、ore complex price terms(從簡(jiǎn)單貿(mào)易術(shù)語(yǔ)結(jié)算到復(fù)雜貿(mào)易術(shù)語(yǔ)結(jié)算） In the past, international payment were settled on very simple price terms(價(jià)格術(shù)語(yǔ)，價(jià)格條件),such as cash on delivery（貨到付現(xiàn)）,cash on shipment（裝貨付款）,cash with order(定貨付現(xiàn)）,cash before shipment（裝運(yùn)前付現(xiàn)款）,etc. In modern time, price terms has developed and become more co

31、mplicated than before, e.g.ICOTERMS （國(guó)際貿(mào)易術(shù)語(yǔ)通則）2000. (International Rules for the Interpretation of Trade Terms) Trade Terms E 組組 啟運(yùn)啟運(yùn)EXW一Ex works 工廠交貨 F組組主運(yùn)費(fèi)未付主運(yùn)費(fèi)未付 FCA一Free CarrierFAS一Free Alongside ShipFOB一Free On Board 貨交承運(yùn)人 船邊交貨 船上交貨 C組組 主運(yùn)費(fèi)已付主運(yùn)費(fèi)已付 CFR一Cost and FreightCIF一Cost Insurance and Frei

32、ghtCPT一Carriage Paid ToCIP一Carriage and Insurance Paid To 成本加運(yùn)費(fèi) 成本加保險(xiǎn)費(fèi)、運(yùn)費(fèi)運(yùn)費(fèi)付至 運(yùn)費(fèi)保險(xiǎn)費(fèi)付至 D組組到達(dá)到達(dá) DAF一Delivered at FrontierDES一Delivered Ex ShipDEQ一Delivered Ex QuayDDU一Delivered Duty UnpaidDDP一Delivered Duty Paid 邊境交貨 目的港船上交貨 目的港碼頭交貨 未完稅交貨 完稅后交貨 Evolution of Modern International Settlement From traditi

33、onal settlement to E-settlement(從傳統(tǒng)結(jié)算到電子結(jié)算）In traditional settlement, buyers,sellers and banks connect with each other by modern transportation or communication, such as plane, railway, telephone etc.Nowadays, internet is developing very fast and are becoming the most communication in daily life. Bu

34、yers,sellers and banks can communicate with each other by internet. People are trying to make payment on line.E-commerce and information technology is promoting international settlement to develop itself toward non-paper and automatic transaction. Basic Methods of International Settlement In any int

35、ernational trade transaction, credit （信貸）is provided by either the supplier (exporter), the buyer (importer), one or more financial institutions, or any combination of the above. The form of credit whereby（憑什么靠什么） the supplier funds the entire trade cycle is known as supplier credit.（賣方信貸）Basic Meth

36、ods of International Settlement Settlement on commercial credit 基于商業(yè)信用的結(jié)算（商業(yè)信貸） Settlement on bank credit 基于銀行信用的結(jié)算（銀行信貸）1.Payment in advance(預(yù)付貨預(yù)付貨款）款）2.Open account（賒賬交易）（賒賬交易）3.Remittance(匯付）4.Collection（托收）1. Letter of credit（信用證）2. Bank guarantee（銀行保函）Method : Prepayments（預(yù)付賬款） The goods will n

37、ot be shipped until the buyer has paid the seller. Time of payment : Before shipment Goods available to buyers : After payment Risk to exporter : None Risk to importer : Relies （依靠）（依靠）completely on exporter to ship goods as orderedBasic Methods of International SettlementBasic Methods of Internatio

38、nal SettlementMethod : PrepaymentsCharacteristics: 1.Provides greatest security for the seller and greatest risk for the buyer. 2.Requires that the buyer have a high level of confidence in ability and willingness of the seller to deliver the goods as ordered.Basic points（基點(diǎn)） to be considered in usin

39、g advance payment 1.The credit standing of the exporter （出口商的信用）must be exceedingly good. 2.The economic and political conditions in the exporters country should be very stable. 3.The importer should have sufficient balance sheet liquidity（足夠的資產(chǎn)負(fù)債表流動(dòng)性） or be confident of obtaining working capital（營(yíng)運(yùn)

40、資本）（營(yíng)運(yùn)資本） by way of importing financing.（進(jìn)口融資） 4.The importer should have the knowledge that the exchange control authorities（外匯管理當(dāng)局） in his country will permit advance payment to be made.Method : Open Accounts（賒賬交易賒賬交易） The exporter ships the merchandise （商品貨物）（商品貨物）and expects the buyer to remit p

41、ayment （緩期支（緩期支付）付）according to the agreed-upon terms.（雙方共（雙方共同協(xié)定的）同協(xié)定的） Time of payment : As agreed upon（按合同規(guī)定）（按合同規(guī)定） Goods available to buyers : Before payment Risk to exporter : Relies completely on buyer to pay account as agreed upon Risk to importer : NoneBasic Methods of International Settlem

42、entBasic Methods of International Settlement Method : Open Accounts Essential features of open account business are: 1.The credit standing of the importer must be very good. 2.The exporter is confident that the government of the importers country will not impose regulations（實(shí)施條例） deferring（推遲） or bl

43、ocking （阻塞）the transfer of funds.（資金劃撥） 3.The exporter has sufficient liquidity to extend any necessary credit to the importer （必要的信任進(jìn)口國(guó)）or has access to export financing（出口融資）.Methods of PaymentRisk Assessment Open Account（賒銷交易） Collection（托收） Letters of Credit（信用證） Cash in Advance（現(xiàn)金預(yù)付）Exporters R

44、isk Importers RiskHighHighLOWLOWCharacteristics of Modern International Settlement Types of International Banking Offices Representative Office（代表處） Agency Office（代理處） Foreign Branch（海外分行） Correspondent Bank（代理銀行） Subsidiary and Affiliate Bank（附屬銀行） Affiliated Bank（聯(lián)營(yíng)銀行） Consortium Bank（銀團(tuán)銀行）Represe

45、ntative OfficeA representative office is a small service facility staffed by parent bank personnel that is designed to assist MNC clients of the parent bank in dealings with the banks correspondents. Promotes the bank in the local market Not licensed or chartered May not accept deposits or make loan

46、s Directs business to other offices or affiliates Representative offices also assist with information about local business customs, and credit evaluation of the MNCs local customers.代表處代表處(Representative Office) 代表處是商業(yè)銀行在海外設(shè)立的非營(yíng)業(yè)性機(jī)構(gòu)。它不能辦理銀行業(yè)務(wù)，其主要職能是開展公共關(guān)系活動(dòng)，向駐地的政府機(jī)構(gòu)、貿(mào)易商和官方人員提供本國(guó)企業(yè)和國(guó)家的信用分析和經(jīng)濟(jì)、政治信息；為駐

47、地國(guó)家的客戶提供其總行的經(jīng)營(yíng)活動(dòng)方針；同時(shí)也為本國(guó)客戶探詢新的業(yè)務(wù)前景，尋找新的貿(mào)易機(jī)會(huì)，開辟當(dāng)?shù)匦畔⑼ǖ赖取４硖幨呛Ｍ夥种C(jī)構(gòu)的最低級(jí)和最簡(jiǎn)單形式，它通常是設(shè)立更高級(jí)形式機(jī)構(gòu)的一種過渡形式。 Agency Office Agency office is the overseas financial institution which can transfer money and make loans in foreign country. One part of the parent bank,not a dependent legal person(juristic person). N

48、ot to accept deposits, but can make loans,provide trade financing, issuing L/C, and make acceptance.代理處代理處(Agency Office) 代理處(辦事處、經(jīng)理處)是商業(yè)銀行設(shè)立的能夠轉(zhuǎn)移資金和發(fā)放貸款，但不能從東道國(guó)吸收當(dāng)?shù)卮娌荒軓臇|道國(guó)吸收當(dāng)?shù)卮婵羁畹慕鹑跈C(jī)構(gòu)。代理處是母行的一個(gè)組成部分，不具備法人資格，是介于代表處和分行之間的機(jī)構(gòu)。代理處可以從事一系列非存款銀行業(yè)務(wù)，如發(fā)放工商貸款、提供貿(mào)易融資、簽發(fā)信用證、辦理承兌、票據(jù)買賣和票據(jù)交換等業(yè)務(wù)。代理處由于不能吸引當(dāng)?shù)鼐用翊婵?，所以其資金

49、主要來源于總行和其他有關(guān)機(jī)構(gòu)，或從東道國(guó)銀行同業(yè)(Inter bank)市場(chǎng)拆入。 Overseas Sister Bank/Branch, Sub branch An office of an organization that is located outside the home country of that organization where a banking or financing business is conducted. A Sub branch operates like a local bank, but is legally part of the the par

50、ent. Subject to both the banking regulations of home country and foreign country. Can provide a much fuller range of services than a representative office. Branch Banks are the most popular way for U.S. banks to expand overseas.海外分、支行海外分、支行(境外聯(lián)行境外聯(lián)行) 海外分、支行是商業(yè)銀行在海外設(shè)立的營(yíng)業(yè)性機(jī)構(gòu)。它本身不具備獨(dú)立的法人地位，不但受其總行所在地的金融

51、管理法令和條例的約束，也受其營(yíng)業(yè)地的管理法令和條例的約束。海外分、支行的業(yè)務(wù)范圍及經(jīng)營(yíng)政策要與總行保持一致，總行對(duì)分、支行的活動(dòng)負(fù)有完全的責(zé)任。 海外分、支行的優(yōu)點(diǎn)是能面向當(dāng)?shù)乜蛻?，可以?jīng)營(yíng)當(dāng)?shù)卣试S的各種銀行業(yè)務(wù)，還能根據(jù)總行資本決定信貸限額。Subsidiary,Affiliate and consortium bank A subsidiary bank is a locally incorporated bank wholly or partly owned by a foreign parent. An affiliate bank is one that is partly ow

52、ned but not controlled by the parent. A consortium bank refers to a joint venture in which no single owner has a controlling interest.附屬銀行（子銀行）附屬銀行（子銀行）(Subsidiary Banks) 商業(yè)銀行為了擴(kuò)大其在海外的業(yè)務(wù)網(wǎng)絡(luò)，但又不能直接在某些國(guó)家設(shè)置分支行機(jī)構(gòu)，常采用收購(gòu)?fù)鈬?guó)銀行的全部股份或大部分股份的方法，設(shè)置各種國(guó)外附屬機(jī)構(gòu)。該機(jī)構(gòu)在東道國(guó)登記注冊(cè)，在法律上是一個(gè)完全獨(dú)立的經(jīng)營(yíng)實(shí)體完全獨(dú)立的經(jīng)營(yíng)實(shí)體。其股權(quán)全部或大部分為總行所控制。子銀行

53、的經(jīng)營(yíng)范圍很廣，可從事東道國(guó)國(guó)內(nèi)銀行所能經(jīng)營(yíng)的全部業(yè)務(wù)活動(dòng)。在某些情況下，還能經(jīng)營(yíng)東道國(guó)銀行不能能經(jīng)營(yíng)東道國(guó)銀行不能經(jīng)營(yíng)的某些業(yè)務(wù)經(jīng)營(yíng)的某些業(yè)務(wù)。聯(lián)營(yíng)銀行聯(lián)營(yíng)銀行(Affiliated Banks) 聯(lián)營(yíng)銀行在法律地位、性質(zhì)和經(jīng)營(yíng)特點(diǎn)上同子銀行類似，其區(qū)別是：在聯(lián)營(yíng)銀行中，任何一家外國(guó)投資者擁有的股權(quán)都在50%以下，即擁有少數(shù)股權(quán)，其余股權(quán)可以為東道國(guó)所有，或由幾家外國(guó)投資者共有。聯(lián)營(yíng)銀行可以是兩國(guó)或多國(guó)投資者合資興建的，也可以是外國(guó)投資者通過購(gòu)買當(dāng)?shù)劂y行部分股權(quán)而形成的。其業(yè)務(wù)依注冊(cè)而定或由參股銀行的性質(zhì)而定。聯(lián)營(yíng)銀行的最大優(yōu)勢(shì)是可以集中兩家或多家參股者的優(yōu)勢(shì)。 聯(lián)營(yíng)銀行在聯(lián)營(yíng)后，仍可采用原

54、有的名稱、營(yíng)業(yè)許可證和工作人員。 銀團(tuán)銀行（銀團(tuán)銀行（consortium bank） 銀團(tuán)銀行通常是由兩個(gè)以上不同國(guó)籍的跨國(guó)銀行共同投資注冊(cè)而組成的公司性質(zhì)的合營(yíng)銀行。任何一個(gè)投資者所持有的股份都不超過50%。作為一個(gè)法律實(shí)體，銀團(tuán)銀行有自己的名稱和特殊功能。它既接受母銀行委托的業(yè)務(wù)，也開展自己的活動(dòng)。其業(yè)務(wù)范圍一般包括：對(duì)超過母銀行能力的或母銀行不愿意發(fā)放的大額、長(zhǎng)期貸款作出全球性辛迪加安排，承銷公司證券，經(jīng)營(yíng)歐洲貨幣市場(chǎng)業(yè)務(wù)，安排國(guó)際間的企業(yè)合并和兼并，提供項(xiàng)目融資和公司財(cái)務(wù)咨詢等。Correspondent Bank（代理銀行） The correspondent bank can be defined as “a bank having direct connection or friendly servi