Translate the following passages into Chinese One of the most important services provided by international banks is the financing of imports and exports among countries. Three problems must be overcome before many trade deals can be made. First, exporter often lack accurate information about the importer’s likelihood of payment. Importers are similarly concerned about the ability or willingness of the exporter to fulfill all obligations once payment has been made. Second, before the party bearing the exchange rate risk can hedge the risk, the exact amounts and dates of payments must be known. Finally, a means has to be found to separate the bank from nonfinancial aspects of the transaction that could lead to dispute which delay recovery of its money. Three types of trade documents have evolved over time to overcome these three problems. They are the letter of credit, the draft, and the bill of lading. Commercial banks are important actors in this financing process, and the use of these three documents for most transaction makes the process work smoothly. The Letter of Credit, the Draft and the Bill of Lading The Letter of Credit The Letter of Credit is a financial instrument issued by an importer’s bank that obligates the bank to pay the exporter (or other designated beneficiary) a specified amount of money once certain conditions are fulfilled. Legally, the bank substitutes its good faith and credit for that of the importer in that it guarantees payment if the correct documents are submitted. From the perspective of the exporter, letters of credit have four primary advantages over sales on open account. First, with a letter of credit, the creditworthiness and financial integrity of the bank is substituted for that of the importer, and exporters see less risk of nonpayment when the bank is the guarantor. Second, as soon as the exporter meets the terms and conditions specified in the L/C, payment is assured. As long as the paper documents are in order, the bank is obligated to pay even if the importer no longer wants the merchandise or finds it unsuitable or damaged. The third advantage of a letter of credit over an open account is that the exporter can usually obtain payment as soon as the necessary documentation has been provided to fulfill the contract. By shortening the collection period, fewer funds have to be tied up in working capital. The final major advantage of letters of credit is that they eliminate a major risk facing exporters, the possibility that government may impose restrictions on payment. There are few cases on record where governments have prevented banks from honoring letters of credit that have already been issued. From the perspective of the importer, there are two definite advantages to using letters of credit. Since the L/C specifies the actions that must be taken before the exporter can be paid, the chance of noncompliance by the sellers is reduced. The second advantage to the importer is that funds do not have to be paid out until the terms set out in the L/C have been met and the documentation is in order. Additionally, if banker’s acceptances are created under the letter of credit, there is an additional period of financing before payment must be made to the bank. The Draft This instrument is simply a request for payment that is drawn up by the exporter (or exporter’s bank) and sent to the bank that drew up the letter of credit for the importer. If the draft conforms to several legal requirements, it becomes a negotiable instrument that is particularly useful for financing international trade flow.
Draft can be of two types, sight drafts and time drafts. Sight drafts, as the name implies, require the bank to pay on demand, assuming that all documentation is in proper order and that all conditions have been met. Time drafts, however, are payable at a particular time in the future as specified in the letter of credit. When a time draft is presented to the bank for payment, it is checked to make certain that all terms and conditions set forth in the letter of credit have been met, and then it is stamped “accepted” and dated on the face of the draft. The bank may elect to hold the acceptance for its own account or sell it in the banker’s acceptance market. In either situation, when the time draft matures, the importer must pay the amount due unless other arrangements have been made in advance. The Bill of Lading The Bill of Lading is a receipt issued to the exporters by a common carrier that acknowledges possession of the goods described on the face of the bill. The bill of lading serves as a contract between the exporter and the shipping company. If it is properly prepared, a bill of lading is also a document of title that follows the merchandise throughout the transport process. As a document of title, it can be used by the exporter either as collateral for loans prior to payment or as a means of obtaining acceptance of a time draft before goods are released to the importer. International Collection Banks provide international collection services by acting as agent for drafts drawn by exporters. Banks will advance all or a percentage of the pending collection, but they do not accept any liability if collection problems occur. The drawer must return any advances if drafts are not honored. Banks do not take title to drafts when they collect them. They make their profits in these transactions solely from collection fees. International collections may be clean, that is, the collection is made without accompanying documentation. Checks, traveler’s checks, and money orders are collected cleanly. Collections that involve documentation are more complicated and more common in international transactions. Examples of these types of transactions are sight and time drafts generated by letters of credit. Banker’s Acceptance Most banker’s acceptances arise in international transactions between exporters and importers of different countries. To illustrate how banker’s acceptances are created, the following example will be helpful. Assuming that a U.S. importer wishes to finance the importation of Colombian coffee. Furthermore, the American importer wishes to pay for the coffee in 90 days. To obtain financing, the importer has an American bank write an irrevocable letter of credit for the amount of the sale, which is sent to the Colombian exporter. The letter specifies the details of the shipment and authorizes the Colombian exporter to draw a time draft for the sale price on the importer’s bank. When the coffee is shipped, the exporter draws the draft on the American bank and then discounts the draft at a local bank, thereby receiving immediate payment for the coffee. The exporter’s bank then sends the time draft, along with the proper shipping documents, to the American bank. The American bank accepts the draft by stamping “accepted” on its face, signs the instrument, and pays the face amount to the exporter’s bank. At the point of acceptance, the time draft becomes an irrevocable liability of the American bank. The accepting American bank then either holds the accepted drafts as an investment or sells it in the open market as a source of funds. When the draft matures, the American importer is responsible for paying the accepting bank. If for some reason the importer fails to pay, the American bank has no legal recourse to collect from the Colombian exporter.
The advantages of banker’s acceptances in international trade are apparent from our simplified example. First, the exporter receives money promptly and avoids delays that could arise in international shipping. Second, the exporter is shielded from foreign exchange risk because a local bank pays in domestic funds. Third, the exporter does not have to examine the creditworthiness of the American firm because a large, well-known bank has guaranteed payment for the merchandise. Thus it is not surprising that banker’s acceptances are used primarily for international transactions. Creating a banker’s acceptance requires a great deal of specialized knowledge on the part of the accepting bank. The denomination of banker’s acceptances depends on the originating transaction, which may be large or small. However, banker’s acceptances trade in round lots, with $100000 and $500000 being the most common transaction sizes. Banks asked to finance large transactions will generally divide the amount into several drafts of $5000
  00. For small transactions the bank may combine the various drafts into a large, single, marketable draft. The maturities of acceptance are commonly 30, 60, or 90 days, but drafts may be acquired for any number of days up to a legal maximum of 1
  80. The default risk involved is quite low. The secondary market for banker’s acceptances is created as banks sell accepted drafts. The major dealers include most of the major Treasure security dealer, some firms that specialize in banker’s acceptances, and several large banks. Banker’s acceptances are at least as marketable as such money market instrument as commercial paper or bank negotiable CDs.
Translate the following terms into English ?关贸总协定 ?绝对优势 ?多边贸易体系 ?国民待遇 ?关税同盟
世界贸易组织 比较优势 最惠国 自由贸易区 经济和货币联盟
The Economic Effect of Tariffs Tariffs, the imposition of taxes on certain kinds of imports, have the effect of restricting the flow of goods across international boundaries. Any restriction of the natural flow of goods tends to lower standards of living because restrictions prohibit people from following the law of comparative advantage. Tariffs force members of society to expend more resources, energy and money for goods and services received. Except in the early years of the United States when tariffs were used as a source of revenue, tariffs traditionally have been protective in nature. A protective tariff is a tax levied on imports and designed to shield domestic producers from foreign competition. The tax is set high enough to discourage American consumers from buying the foreign products. Business interests in the United States have fought for high protective tariffs on almost all goods which flow into the country from foreign nations. Arguments for protective tariffs range from such comments as “all American business will be forced into bankruptcy if we allow foreign goods to flood our markets” to such statement as “if
we do not prevent these goods from coming in, they will destroy an industry essential to national defense.” Although the arguments for protective tariffs are many and varied, they are generally presented by American businessmen who desired to retain a high degree of monopoly power for their domestic production. When foreign producers enter the market, they add competition which usually results in lower prices. Naturally, producers with monopoly power will prevent the entry of this competition if they can. To argue that the imports of foreign producers will cause American producers to go bankrupt is to contradict the basic truth that trade is two-way flow of goods and services. The flow of foreign goods into American markets may cut the output of certain American producers, but at the same time it increase demand for other goods and services in the American economy. The effect is not to depress the level of economic activity but to shift the use of resources out of industries in which they have comparative disadvantage and into industries in which they have comparative advantage. The overall effect of foreign trade is to increase the efficiency of the economy and standards of living of the people. One point, however, should be made. When the general standard of living is increased by imports, a lot of people will be helped a little, while the few people who are forced to shift to other industries may be hurt quite a lot. Those who have interest in industries threatened by foreign competition face the prospect of receiving reduced profits in the short run and of being forced to shift into other business in the long run. When someone faces a reduction in his economic status he will fight hard to protect his own position regardless of the welfare of society as a whole. Representatives of management, labor, and stockholders of the threatened firms fight hard for tariff protection.
Translate the following sentences into English
  1. 关税使进口商品昂贵,可保护民族工业。
  2. 关税的经济作用就是限制国与国之间的商品流动。
  3. 如果外国企业进入国内,就会加剧竞争。
  4. 政府对烟草和酒类课以重税。
  5. 关税迫使人们为他们购买的商品付出更多的货币。
  6. 保护性关税是对进口商品征收的一种税, 目的是为了保护本国生产者免受外国商 品的竞争。 The World Trade Organization The World Trade Organization (WTO) replaced the General Agreement on Tariffs and Trade (GATT) in 19
  95. Compared to GATT, the WTO is much more powerful because of its institutional foundation and its dispute settlement system. Countries that do not abide by its trade rules are taken to court and can eventually face retaliation. The WTO is run by its member governments. All major decisions are made by the membership as a whole, either by ministers (who meet every two years) or by officials (who meet regularly in Geneva). Decisions are normally taken by consensus. In this respec
 

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