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KEY OF INTERNATIONAL SETTLEMENTChapter 11.Put the following phrases into English贸易壁垒trade barrier进口关税import tariff全球经济一体化economic globalization资金转移fund transfer有形贸易tangible trade无形贸易intangible trade国际惯例international customs and practices全球金融同业通讯协会SWIFT2.Put the following sentences into English(1) 国际结算涉及有形贸易和无形贸易，外国投资，从其他国家借贷资金，等等。The international settlement involves tangible trades, intangible trades, foreign investments, funds borrowed from or lent to other countries and so on.(2) 许多银行注重发展国际结算和贸易融资的业务。Many banks have focused on their business of international settlement and trade finance.(3) 大多数国际间的支付来自于世界贸易。Most of the international payments originate from transactions in the world trade.(4) 一般来说，国际结算的方式分为三类：汇款、托收和信用证。Usually the international settlement is divided into three broad categories: remittance, collection and letter of credit.3. True or False1) International payments and settlements are financial activities conducted in the domestic country. (F)2) Fund transfers are processed and settled through certain clearing systems.(T)3) Using the SWIFT network, banks can communicate with both customers and colleagues in a structured, secure, and timely manner.(T)4) SWIFT can achieve same day transfer.(T)4.Multiple Choice1) SWIFT is _B_A. in the united statesB. a kind of communications belonging to TT system for interbanks fund transferC. an institution of the United NationsD. a governmental organization2) SWIFT is an organization based in _A_A. Brussels B. New YorkC. London D. Hong Kong3) A facility in fund arrangement for buyers or sellers is referred to _A_A. trade finance B. sale contract C. letter of creditD. bill of exchange4) Fund transfers are processed and settled through _C_A. banksB. SWIFTC. clearing system D. telecommunication systems5) _C_is the reason why international trade first began.A. Uneven distribution of resourcesB. Patterns of demandC. Economic benefits D. Comparative advantages5. Answer the following questions1) Where are the medium of exchange originated from?Tracing back the history of international settlement, the medium of exchange originated from coins to notes.2) What will inevitably lead to under the international political, economic and cultural exchanges?The international political, economic and cultural exchange inevitably leads to credits and debts owed by one country to another.3) Why do banks focus on the development of the businesses of international settlement?Banks focus more and more on the development of the businesses because it is a major resource of profits.4) What will banks do to meet the higher and higher demand of the international market?Banks need to develop innovative products and deliver the best services possible in whatever way they can.Chapter 21.Put the following phrases into English资金转移fund transfer 清算系统clearing system 银行竞争banking competition可兑换货币convertible currency国际支付international payment2.Put the following sentences into English(1) 用于国际结算的货币是可兑换的货币。Currencies used in the international settlement are convertible currencies.(2) 每一个通信和支付系统都有自己的使用规则。Each communication and payment system has its own rules.(3) 有五种美元清算的方式。There are five US dollar fund transfer payment methods.(4) 欧元是欧盟国家使用的货币。Euro is the single currency of the European Union.(5) 香港作为国际金融中心必须遵循国际惯例。As an international financial center, Hong Kong must follow international payment practice.3. True or False1) CHIPS payments are irrevocable and subject to a same-day net settlement process.(T)2) Book transfers are payment made between parties that maintain accounts at the different bank.(F)3) In Japan, cash is not far more often used than checks for payment at the retail level.(F)4) Not later than July 2002, the Euro will replace the national currencies in all public and private transactions.4.Multiple Choice1) The following are the special problems for international trade except for _C_A. using foreign languages and foreign currenciesB. under foreign laws, customs and regulationsC. having risksD. numerous cultural differences2) All the parties to a collection are bound by _C_A. UCP400B. UCP500C. UCR522D. URC2543) An additional risk borne by the seller when granting a credit to the buyer is that the latter will not _D_A. accept the bill B. take up the documentsC. take delivery D. make payment at maturity4) To the exporter, the fastest and safest method of settlement is _B_A. letter of credit B. advance paymentC. collectionD. bankers draft5) To the importer, the fastest and safest method of settlement is _C_A. letter of credit B. cash in advance C. open accountD. bankers draft6) Which is the real international payment system? _A_A. TARGETB. FedWireC. CHAPSD. SWIFT5. Answer the following questions1) How will fund transfers be processed and settled?Fund transfers are processed and settled through certain clearing systems.2) What is FedWire?FedWire is an electronic payment system operated by the U.S. Federal Reserve. It si used to make US dollar payments to banks and their customers throughout the United States.3) When will the euro start to use?From January 1,1999, Euro is the single currency of the European Union.4) What is the strongest of SWIFT? The strongest feature of SWIFT is message text standards.Chapter 31. Put the following phrases into English总资产total assets缺乏经验lack of expertise全球策略global strategy专业服务professional service财务报表financial statement2.Put the following sentences into English(1) 两家银行建立代理行关系的原则是基于双方的互惠互利。The overall principle to establish correspondent banking relationship between two banks is on the basis of mutual benefits.(2) 一家银行对其所在国金融系统的重要性是对该银行进行评级的重要因素。The importance of a bank to its countrys financial system is a major factor in the rating process.(3) 穆迪和标准普尔在对银行进行评级时有许多相似之处。Moody and Standard & Poors (“S&P”) share many similarities in rating banks.(4) 许多著名的大银行是根据一定的程序来向代理行提供信用额度。The credit line for a correspondent is worked out according to certain procedures in many sizeable and well-know banks.(5) 银行不仅可从贸易融资中获利，而且还可以介入金融活动之中。Not only banks can gain from trade finance, they can also engage in those financial activities.3.True or False1) Risk management strategies should be taken into consideration when rating correspondent banks.(T)2) A world wide computer network for monitoring the line is maintained by many banks.(T)3) A bank should introduce or modify those products in order to have those products to be marketed in its banking operation.(T)4) Some correspondents will not extend credit facilities to the bank with nostro account and offer a preferential account, so that conducting business will become more convenient and easier.(T)4. Multiple Choice1) From the point of view of a Chinese bank, _B_ is our banks account in the book of an overseas bank, denominated in foreign currency.A. a vostro account B. a nostro accountC. a mirrio account D. a record account2) A bank gets to know its exact position of funds by _A_A. reflecting the credit balanceB. examining the mirror accountC. consulting a foreign bankD. checking the nostro account3) Statements of balance of international payment dont include _D_A. current account B. capital accountC. balancing accountD. visible account4) _A_ refers to an exchange of services or assets between countries.A. Invisible trade B. Visible trade C. International trade D. Balance of trade5) Each country has to earn _B_ to pay for imports.A. moneyB. foreign exchangeC. cashD. currency5.Answer the following questions1) How will ratio of earning be divided?Ratios of earning can be divided into ratio of capital return (Earning/ Total Capital, ROE) and ratio of asset return (Earning/ Total Capital, ROE) .2) Why do banks develop the correspondent relationship with foreign banks?For the purpose of rendering best service to the banks clients, it is essential for the banks to develop direct correspondent relationship with foreign banks and offer more diversified banking services, thereby playing an increasingly prominent role in promoting and regulating the growth of the national economy.3) What do American banks and European banks usually do in their financial activities?American banks are active in marketing their products and services in the field of fund clearing, Trade finance has always been the main subject of correspondent banking operations by many European banks for quite a long time.4) What should the correspondent files be?The correspondent files should be concise, but complete, and updated.Chapter 41. Put the following phrases into English大小写金额amount in words and figures无条件的书面支付命令unconditional order of payment in writing远期汇票term bill跟单汇票documentary draft无条件的支付承诺unconditional promise of payment流通工具negotiable instrument2.Put the following sentences into English1) 由于这张信用卡的持卡人不讲信用，发卡银行将取消该卡。The issuing bank of this credit will cancel the holders card because of his poor credit standing.2) 旅行支票易于在国外银行、旅店、商店、机场等兑现。Travelers checks are easily encashabkes, hotels, ships and airports abroad. 3) 汇票和本票的定义有一些相似之处。There are some similarities between the definition of a bill of exchange and a promissory note.4) 请开立一张以Mr. Smith为付款人的金额为2000美元的即期汇票。 Please draw a sight draft on Mr. Smith for US dollars 2000.2. True or False1) In check transaction, the drawer and the payer are the same person.(T)2) A check is a demand bank draft.(T)3) A draft is a conditional order in writing.(F)4) The person who draws the bill is called the drawer.(T)5) Any usance bills need to be accepted.(T)6) There is no acceptor in a promissory note.(T)7) There are only two parties in a promissory note.(T)8) Travellers checks are negotiable instruments.(T)9) Travellers checks are fixed, round amounts.(T)10) A line of credit is given by a bank according to the cardholders financial status.(T)3. Multiple Choice1) A check must be signed by _A_.A. the drawerB. the draweeC. the payerD. the payee2) When financing is without recourse, this means that the bank has no recourse to the _D_ if such drafts are dishonored.A. drewee B. payeeC. payerD. drawer3) A time bill may be accepted by the _B_A. drawerB. drawee C. holderD. endorser4) _A_is drawn by the exporter and sent to the buyer.A. DraftB. Promissory noteC. I.O.UD. Check5) Tavellers checks are in _D_ amounts.A. fixedB. roundC. convenientD. fixed, round and convenient6) If a bill is a _D_ bill, the documents will be handed over against payment of the bill.A. tenor B. sight C. clean D. documentary5. Answer the following questions1) Under which circumstances do banks usually ask for endorsement?Bank usually ask for endorsement of check when the check in favour of joint payees is credited to a sole account and when the check is cashed over the counter.2) What are the essentials of a draft?The essentials of a draft are as follows: an unconditional order; in writing; signed by the person giving it; drawee; payment date; a sum certain in money; payee; date and place of issuance of a draft; bearing the words” exchange for”.3) What is meant by a documentary bill?A documentary bill refers to one that is accompanied by the relevant documents that are needed to complete the export transaction.4) What is the important difference between the bill of exchange and the promissory note?The important difference between the bill of exchange and the promissory note is that the promissory note is written and signed by the person who promises to make the payment (the buyer), and sent to the person who is owed the money (the exporter). A bill of exchange, in contrast, is drawn by the exporter and sent to the buyer (who “accepts” term bill).5) How many parties are there in a promissory note? What are they?There are two parties in a promissory note, and they are maker and holder.Chapter 51.Put the following phrases into English海外分支机构和代理行overseas branches and correspondent banks汇款人账户remitters accountSWIFT密押swift authentication key授权签字authorized signature金融机构financial institution2.Put the following sentences into English1) 由于电信业的迅猛发展，大多数的付款业务都是通过电汇方式完成。With rapid telecommunication, most payment transactions are handled by telegraphic transfer.2) 再付款业务中总是会出现一些差错。In the process of payment transfer, some mistakes may occur.3) 处理付款业务员中的典型错误是将头寸付款方式和链式付款方式的报文混淆。It is a typical mistake to confuse the message types of the cover method with those of the serial method.4) 在一些国家，通常用于国内付款的链式方式也用于跨境付款。In some countries and for some currencies, the serial method - typical for domestic payments - is also used cross-border.5) 电汇常常用于大写金额和时间较紧的情况。T/T is often used when the remittance amount is large and the transfer of funds is subject to a time limit.3. True or False1) Remittance refers to the transfer of funds from one party to another among different countries through banks.(T)2) Mail transfer can be replaced in the time of telecommunication developed rapidly.(F)3) Under the serial payment method, the instruction to credit a beneficiary account is dent together with the instruction to debit senders account.(T)4) Serial payment method cannot, however, delay the payment between different time zones.(F)4. Multiple Choice1) The remitting bank checks the documents received _D_.A. as a service to its clientsB. to avoid unnecessaryC. before sending them outD. all of the above2) Large payments should be made by _D_A. TTB. SWIFTC. MTD. A or B3) A _D_ payment does not take as long as an MT payment.A. SWIFTB. TTC. DDD. A or B4) Mail transfers are sent to the correspondent bank _C_, unless other wise instructed by clients.A. by courier serviceB. by ordinary mailC. by airmailD. by seamail5) When a customer asks its bank to make a telegraphic transfer to a beneficiary abroad, the charges may _A_ A. be paid either the remitter or the remitteeB. be debited against the nostro accountC. be credited to the vostro accountD. be paid by the remitting bank5. Answer the following questions1) How do you define the two types of fund transfer?Remittance can be defined as two typed of fund transfer: to a remit and to draw a draft. “To remit” refers to the funds to be transferred from remitter to a payee through banks, while “to draw a draft” means that the payee gets the funds from the remitter collected by banks.2) What are the three main ways to make a remittance? Give us a brief description of the three?A mail transfer is to transfer funds by means of a payment order or a mail advice. A demand draft is often used when the customer wants to transfer the funds to his beneficiary by himself. Telegraphic transfer refers to remittance by SWIFT.3) What are the two methods adopted in the payment transactions by T/T?They are cover payment method and serial payment method.4) what are the differences of the two methods used in the payment transaction?In the cover method, the customer payment instruction is sent separately from the instruction to transfer the funds, In the serial method, the customer payment and the fund transfer are sent together.5) When will the interbank compensation be used and what are the related errors occurring in the payment transactions?In the process of payment transfer, some mistakes may occur, such as late payment., duplicate payment, under and over payment, wrong account at the right bank and so on, which may arise loss for a bank, The Rules of Interbank Compensation is therefore worked out to settle the dispute among banks.Chapter 61.Put the following phrases into English运输单据shipping document托收指示collection instruction需要时的代理agent in case of need拒绝证书protest r印花税stamp duty赊账open account2.Put the following sentences into English1) 跟单托收是用于出口商既不想用赊账也不愿意用信用证的情况。Documentary collections are suitable in cases where the exporter is reluctant to supply the goods on an open account basis, but does not need the strong security provided by a documentary credit.2) 跟单托收统一惯例是国际托收业务中通行的规则。The Uniform Rules for Collections (URC) form an internationally accepted code of practice covering documentary collections.3) 单据应符合进口国家的法律和法规的要求。The type of documents should comply with the laws and regulations of the importing country.4) 拒绝证书是法庭认可的拒付的法律依据，它要由公证机构来制作。Bill protesting is legal evidence of dishonor acceptable to account of law, and it will come into force by a notarization of notary office.3. True or False1) A collection on the basis of commercial credit is usually processed through banks acting as the intermediary.(T)2) Banks have responsibility to examine the documents thoroughly.(F)3) Collecting bank handles the collection business according to the collection instruction.(T)4) In receipt of dishonor advice, the remitting bank must give appropriate instructions as to the further handling by the collecting bank.(T)4.Multiple Choice1) The instructions for collection are mainly _D_A. those in the contract B. written on the Bill of ExchangeC. given by the importersD. given by the exporters2) It will be more convenient if the collecting bank appointed by the seller _B_A. is a large bank B. is the remitting banks correspondent in the place of the importerC. is in the exporters countryD. acts on the importers instructions3) The operation of collection begins with _B_A. the customer and the remitting bankB. the remitting bank and the collecting bankC. the presenting bank and the draweeD. the collecting bank and the presenting bank4) Detailed instructions must be sent to the collecting bank _B_A. in the application formB. in the collection orderC. in the documents D. both A and B5) The collecting bank will make a protest only when _C_A. the documents are rejectedB. a case of need is nominatedC. specific instructions concerning protest are givenD. protective measures in respect of the goods are taken6) If it is stated as D/P, the documents can be released _A_A. against payment B. against acceptanceC. in either way D. against acceptance pour aval7) _A_ is the bank to which the principal has entrusting the collection,A. The remitting bank B. The collecting bankC. The presenting bank D. Both A and B8) _C_ must make his instructions to _ clear in his collection order.A. The remitting bank the collecting bankB. The principal the draweeC. The principal the remitting bankD. The drawee . the collecting bank5. Answer the following questions1) What is a collection in the international settlement?After the exporter has shipped the goods or rendered services to his customers abroad, he draws a bill of exchange on the latter with or without shipping documents attached thereto and then gives the draft to his bank together with his appropriate collection instructions.2) What are the parties of a collection?They are exporters, importers, remitting banks and collecting banks.3) What is a documentary collection?A documentary collection is an operation in which a bank collects payment on behalf of the seller (the principal) by delivering documents to the buyer.4) How many types of documentary collection are there and what are they?There are two types of documentary collection: documents against payment and documents against acceptance.5) What does URC522 refer to?The Uniform Rules for Collections (URC) form an internationally accepted cod
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