CITF-TOPIC 1-Impact of global crises on world trade 学习笔记

全球危机对世界贸易的冲击-Impact of global crises on world trade

全球危机对世界贸易是双面的。新冠至2020年起严重地破坏了全球贸易，减缓了经济增长。但另一方面也使各方更为重视数字化的进程。（Global crises can have a positive or negative impact on world trade. The Covid-19 pandemic severely disrupted international trade and has caused negative economic growth since 2020.However, it has resulted in greater attention towards digitalisation.）

又如2007年至2008年的全球危机，其导致多国政府鼓励增加出口来解决内需锐减的问题。另一方面，这场危机也增加了合规和资本的要求。在某种程度上，这些新增的合规需求又对出口产生的抑制作用。（ On the other hand, the global financial crisis of 2007–08 led governments in many countries to address shrinking domestic demand by encouraging businesses to boost exports. Conversely, the 2007–08 financial crisis also led to an increase in compliance（合规） and capital requirements. In some instances, these additional regulatory requirements have acted as a disincentive to export.）

合规和资本的要求对全球贸易的冲击-Impact of compliance and capital requirements on world trade
  • 巴塞尔银行监管委员会-Basel Committee on Banking Supervision
    巴塞尔银行监管委员会制定了在全球范围内主要的银行资本和风险监管标准。（The Basel Committee on Banking Supervision (BCBS) has created a framework that provides national regulators with resilient and credible regulatory guidelines that specify capital requirements. These are known as the Basel accords（巴塞尔协议）. These guidelines are then translated by local regulators into national regulations. For example, banks in the EU are subject to the Capital Requirements Regulation and Directive. In Singapore, banks are subject to regulatory instruments issued by the Monetary Authority of Singapore based on the Basel accords. These instruments include Acts of Parliament, directions (directives and notices), guidelines and codes. The US Federal Reserve has issued directives on how the Basel rules apply in the USA.）
  • 风险加权资产-Risk-weighted assets
    用于评估银行对抗风险损失所需保持的最低资本充足率。An estimate of risk that determines the minimum level of regulatory capital a bank must maintain to deal with unexpected losses.
  • 巴塞尔协议二和三-Basel II and III
    巴塞尔协议的逐次修订，对银行的监管越来越严格，风险加权资产（资本充足率）进一步增加。（Since the publication of Basel II in 2004, banks have faced stricter rules for payments and all activities that involve risk. The financing of international trade is no exception. These rules were strengthened following the financial crisis with the publication of Basel III. As a result, banks have had to set aside a greater amount of risk‑weighted assets. In 2017, the BCBS set out further reforms to Basel III. See the Factfind panel at the end of this section.）
  • 其他法规及制裁-Other regulations and sanctions
    对于反洗钱的法规逐年增加。部分银行因违反制裁规则而受到处罚。对于军民两用货物的管控也进一步影响了货物流转（Regulations against money laundering are also increasing. In addition, banks are required to comply with sanctions that have been imposed on various countries. Some banks have faced severe penalties for breaching sanctions. Regulations governing the trade in dual‑use goods（双重用途货物，军用和民用） have also increasingly affected the smooth processing of transactions.）
    所有的法规都致力于减少风险敞口。许多银行通过对贸易金融的自查终止了部分客户关系。这反过来阻碍了全球贸易融资，对全球贸易产生了消极的影响。（All these regulations have led to a reduction in risk appetite. Many banks have reviewed their international trade finance activities resulting in the cessation（终止） of many client relationships. This has, in turn, impeded access to trade finance for companies of all sizes worldwide and threatened to have a negative impact on the evolution of world trade.）
新冠疫情对经济的破坏-Covid-19 pandemic devastates economic growth
注意事项:
1.本学习笔记仅用于本博客的交流学习，相关学习笔记均为本站整理资料。
2.欢迎读者交流分享，转载请注明出处“WWW.考试.NET”并严禁用于商业用途。
3.欢迎在博客下端评论、提出学习见解，本博客将尽快回复，对好的意见进行收录整理！

CITF-TOPIC 1-Risks involved in international trade 学习笔记

国际贸易的风险-Risks involved in international trade
挑战-Challenges
  • 文化与语言的差异。Cultural and language differences – difficulties in communication may cause delays or  misunderstanding resulting in additional costs.
  • 证明文件及其他手续。Documentation and other formalities – certain jurisdictions（司法管辖） may have complex documentation requirements that are different to the importer or exporter’s home country. These may affect both goods and services.
  • 运输及保险。Transport and insurance – it generally takes more time to ship goods over long distances. Additional costs relating to transport and insurance could be incurred.
  • 政治的考量。Political considerations – protectionism（贸易保护主义）, through the imposition of tariffs (关税) or quotas （配额）on imports, can have a significant impact on international trade.
  • 经济的考量。Economic considerations – legislation or taxation policies（法律及税收政策） can have an adverse impact（反向影响） on the expected profit from trade.
风险-Risks
  • 交易对手的风险。Counterparty risk – any commercial contract carries a certain degree of counterparty risk. However, enforcing contractual rights against a business located in another country can be more difficult than in the case of a domestic counterparty.
  • 汇率的风险。Foreign exchange risk – foreign currencies may be used for settlement. This can lead to unexpected financial gains or losses, unless managed very closely.
  • 合规风险。Compliance risks – smaller businesses may not have the resources to employ legal expertise to deal with different laws, regulations and sanctions(制裁) imposed by various jurisdictions.
  • 金融犯罪风险。Financial crime risks – international trade can sometimes act as a front for money laundering and fraud.  www.examcn.net
  • 欺诈。Fraud – it is easier to commit fraudulent acts where security is poor. Cybersecurity （网络安全）is, therefore, of increasing importance. If IT systems are weak, forged（伪造） documents or money may be sent to bank accounts under the control of fraudsters instead of to the seller’s bank. In countries where security is poor, domestic trade carries a similar level of risk to  international trade.
  • 其他操作风险。Other operational risks – employee error, fraud and communication issues（通讯问题） could be more likely to occur in some less developed countries.

 

谢谢关注：www.examcn.net  ,内容持续更新
注意事项:
1.本学习笔记仅用于本博客的交流学习，相关学习笔记均为本站整理资料。
2.欢迎读者交流分享，转载请注明出处“WWW.考试.NET”并严禁用于商业用途。
3.欢迎在博客下端评论、提出学习见解，本博客将尽快回复，对好的意见进行收录整理！

CITF-TOPIC 1- Risk mitigants 学习笔记

降低风险- Risk mitigants

Various measures are available to parties doing international business wishing to mitigate risks.

1.与当地国际商会建立关系-Connect with the local chamber of commerce
Most chambers of commerce provide services that facilitate trade（推动贸易）. They also act as conduits（渠道） to other service providers that can help with communication, translation, training and education, documentation and legal advice. Sometimes a chamber of commerce may help disseminate（传达） information about standards, protocols（协议） and interpretations（解释） of legal issues. This information could cover areas such as payment for transportation or other services.

2.银行或其他融资机构-Banks and other finance providers
All finance providers aim to reduce the effect of unexpected changes in foreign exchange rates through methods such as forward exchange contracts.
Banks also provide specific undertakings or guarantees to cover counterparty risk. These include documentary credits（信用证）, and indemnities（担保） for release of goods without bills of lading.

3.专业货物代理-Specialist freight forwarders
These exist to facilitate the safe transport of goods.

4.保险-Insurance
There are various versions of marine and cargo insurance available to reduce exposures incurred while goods are in transit.

5.政府部门或准政府部门-Government or quasi-government agencies
These can provide insurance against buyer default and can provide guarantees to help sellers to obtain finance that may not be commercially available.

注意事项:
1.本学习笔记仅用于本博客的交流学习，相关学习笔记均为本站整理资料。
2.欢迎读者交流分享，转载请注明出处“WWW.考试.NET”并严禁用于商业用途。
3.欢迎在博客下端评论、提出学习见解，本博客将尽快回复，对好的意见进行收录整理！

CITF-TOPIC 1-Similarities and differences between international and domestic trade 学习笔记

国际贸易和国内贸易的相同与不同-Similarities and differences between international and domestic trade
共同点-Similarities
  • 均有卖家和买家。a seller and a buyer;
  • 通过支付交换货物或服务。the sale of goods or services in exchange for payment;
  • 贸易合同涉及货物或服务，价格和支付条款。a contractual agreement regarding the description of the goods or services, the price and the terms of payment;
  • 货物或服务传递。the delivery of goods or services.
  • 卖家先发货后付款的风险。The seller is still exposed to the risk of non‑payment if they deliver before payment.
  • 买家预付款后的风险。The buyer is exposed to the risk of loss if they pay for goods in advance of delivery.
不同点-Differences
  • 国际贸易的贸易链条远长于国内贸易。The end‑to‑end trade cycle is usually much longer due to longer transit times and pre‑shipment lead times.
  • 托运尺寸和价值受规模经济如集装箱和海运的影响。Consignment sizes and values tend to be higher due to the economies of scale associated with containerisation and sea freight.
  • 远距离和运输模式增加货物存储和发放的难度。Control over the secure storage and release of goods may be more difficult due to the distances involved coupled with the mode of transport.
  • 时差、语言以及地域习俗会为增加解决问题的难度。Resolution of problems may take longer and be more difficult due to time zone, language and local practice differences.
谢谢关注：www.examcn.net  ,内容持续更新
注意事项:
1.本学习笔记仅用于本博客的交流学习，相关学习笔记均为本站整理资料。
2.欢迎读者交流分享，转载请注明出处“WWW.考试.NET”并严禁用于商业用途。
3.欢迎在博客下端评论、提出学习见解，本博客将尽快回复，对好的意见进行收录整理！

CITF-TOPIC 1-Business entities 学习笔记

商业实体-Business entities

商业实体的生产活动就是追逐利润，当然也有例外如NGO。Business entities provide a product or service for their customers with the aim of generating a profit for their owners or investors. There are exceptions to this rule. Not‑for‑profit organisations such as  charities and non‑governmental organisations (NGOs) do not share this aim.

注意：NGO 组织很多，如红十字会（Red Cross）,绿色和平组织（ Greenpeace） 和无国界医生（MSF,Médecins Sans Frontières）等。（除此之外，还有各种各样的NGO，需要客观地看待，有些是带着政治目的渗透在各个经济活动之中）

了解你的交易对手-Understanding your counterparty

谈判地位-Bargaining position
交易对手的商业类型决定你的谈判地位和竞争力。（The business type of your counterparty will determine your bargaining position and comparative strength. It will also have an impact on the price your counterparty will be prepared to pay as a buyer or will charge if it is a seller. It may additionally have an impact on payment terms. A large corporate in a favourable competitive position may be able to put pressure on its buyer to pay in advance. It could also be in a position to force its sellers to allow deferred payment terms that are favourable or advantageous to itself. ）

争端解决机制-Disputes settlement
不同规模的企业使用不同的法律手段解决争端，所以非常有必要了解交易对手及与其潜在争端。（Large corporates with legal departments（法务部） and dedicated legal advisers（专业的法律顾问） often opt to settle disputes through litigation（诉讼）. They also have the time and resources to stretch lawsuits as long as possible in order to ‘draw the longest straw’. On the other hand, smaller businesses generally endeavour to reach agreement by negotiating compensation（补偿） or the like. Some smaller businesses make use of outsourced legal counsel（外包律师）. It is, therefore, important to understand your counterparty and the nature of potential disputes that may arise from doing business with them.）

谢谢关注：www.examcn.net  ,内容持续更新
注意事项:
1.本学习笔记仅用于本博客的交流学习，相关学习笔记均为本站整理资料。
2.欢迎读者交流分享，转载请注明出处“WWW.考试.NET”并严禁用于商业用途。
3.欢迎在博客下端评论、提出学习见解，本博客将尽快回复，对好的意见进行收录整理！

CITF 学习笔记目录

返回：本站主页

TOPIC 1
TOPIC 2
TOPIC 3
TOPIC 4
TOPIC 5
TOPIC 11

 

 

CITF-TOPIC 1-comparative advantage 学习笔记

比较优势-comparative advantage
简单的例子-Simplified example

英国更擅长生产衣物、葡萄牙更擅长生产土豆。经过分工贸易，英国和葡萄牙使用同样的生产资料各自获得了更多的衣物。（If the UK devoted four units of production to cloth and Portugal devoted its two units of production to tomatoes, the UK would produce four rolls of cloth and Portugal would produce 200kg of tomatoes. Thus the total output of the two countries is now greater than before for the same total number of units of production。）

比较优势的假设-Assumptions 
  1. 相比葡萄牙，英国将付出更大的成本或努力和代价生产土豆。这些成本可能是温室、燃料还有灌溉。（Greater effort and higher costs will be required in the UK to produce the same quantity of tomatoes when compared with Portugal. For example, greenhouses, as well as additional fuel and irrigation, may be required.）
  2. 一单位生产要素在两国间是相同的，没有交易费用和运输费用。（A unit of production is identical in both countries for the production of both goods.There are no transaction costs in connection with the trade.）
  3. 两国都能从贸易中得到相当的利益。（The gains from comparative advantage are split evenly, as each country gains the same, ie one roll of cloth.）
  4. 没有汇兑纠纷。（There are no foreign exchange rate complications.）
  5. 两国的生产者不会停产。（The tomato growers in England and the cloth producers in Portugal will not object to being ‘closed down’.）
比较优势的反思，反全球化-Comparative advantage revisited: reverse globalisation
      1. 劳动成本的增加（Increasing cost of labour）
        全球化有助于寻找更低廉的劳动成本，但同时增加了产品运输成本。One of the great attractions of globalisation was the ability to gain access to economies with lower labour costs to produce manufactured goods. The logic was that the resulting saving in production costs more than outweighed （超过）the costs associated with moving goods around the world. This cost advantage is decreasing, reducing the advantage of producing goods some distance from the markets for such goods.
      2. 数字化的颠覆（Digital disruption ）
        技术进步也减少了劳动力在生产成本中的占比。自动化生产可大幅减少人力劳动，一个经济体的底劳动力成本效应也会因此削弱，最极端的例子就是3D打印了。Advances in technology have also had the effect of reducing the labour component in the costs of goods. Automated production requires much less manual labour so the cost advantage of an economy with relatively low labour costs has been eroded（侵蚀）still further. An extreme example of such automation would be 3D printing.
      3. 可持续性（Sustainability ）
        为减少碳足迹，应注意减少生产到最终消费的物理供应链条长度。We have also seen much greater awareness of the need for sustainability. In order to reduce the ‘carbon footprint’ （碳足迹：是指企业机构、活动、产品或个人通过交通运输、食品生产和消费以及各类生产过程等引起的温室气体排放的集合。）of manufactured goods, it makes sense to reduce the distance covered as the physical supply chain progresses and the finished goods are available to the end consumer.
      4. 依赖性（Dependencies）
        离岸外包导致经济体对外部供应的依赖不断增加。As a result of offshoring（离岸外包）, many economies became increasingly dependent on supplies coming from remote areas. However, recent events have resulted in a reduction in these dependencies.
        进口国家应意识到依赖性的风险，例如对于个人防护装备.（Personal protective equipment）importing countries understand the risks related to these dependencies. These risks,combined with the poor quality of the imported PPE (in some instances), has led to a reduction in these dependencies.
      5. 贸易保护主义（Protectionism）
        贸易保护主义减少自由贸易。Finally, political developments have led to an increase in protectionism through the imposition of various barriers to free trade.
      6. 企业回流和近岸外包的增加（Increase in reshoring and nearshoring）
        劳动成本的增加、数字化颠覆、可持续性、依赖性因素使得许多企业选择回流或近岸外包。这些行为是的他们能更灵敏地应对不可预见的情形以及增加质量的把控。Increases in labour costs, digital disruption, sustainability and dependency issues are the major factors that have led many corporates to nearshore or reshore certain production activities. This allows them to respond faster to unforeseen situations and to exercise quality control.
谢谢关注：www.examcn.net  ,内容持续更新
相关词条：

Offshoring 离岸外包
This occurs  when a company moves all or some of its activities to another country to save costs .
Nearshoring 近岸外包
The transfer of business processes to companies in a nearby country, where both parties expect to benefit from one or more of the following dimensions of proximity: geographic, temporal (time zone), cultural, linguistic, economic, political, or historical linkages.”
Reshoring 企业回流
The practice of moving a business or part of a business that was based in a different country back to its original country.

注意事项:
1.本学习笔记仅用于本博客的交流学习，相关学习笔记均为本站整理资料。
2.欢迎读者交流分享，转载请注明出处“WWW.考试.NET”并严禁用于商业用途。
3.欢迎在博客下端评论、提出学习见解，本博客将尽快回复，对好的意见进行收录整理！

CSDG考试知识点-Demand in documentary form

返回: CSDG考试知识点目录  本站主页

Demand in documentary form

A demand guarantee or standby letter of credit is documentary in nature. This is reflected in all the ICC rules which may be applied to demand guarantees or standby letters of credit.

  •  The bank is concerned only with examining the documents which are presented to it.
  • The demand will be in documentary form, but the instrument may also require that the beneficiary presents certain stipulated documents in addition to a written demand. Provided the beneficiary presents all such documents with the demand prior to the designated expiry of the instrument, and provided all other terms and conditions of the instrument are met, the beneficiary is entitled to be paid by the bank.
  • The bank to which the documents are presented will check the documents carefully against the terms of the demand guarantee or standby letter of credit. The precise basis for the check will be determined according to the applicable rules and international practice.
  • The beneficiary must ensure that the demand and the accompanying documents meet the requirements of the demand guarantee or standby letter of credit. If the bank determines that the presentation does not comply with the requirements of the instrument, the bank will be entitled to reject the presentation.
  • The bank is not permitted to limit the amount payable under the guarantee to that of the actual loss of the beneficiary. The bank’s duty is to examine the beneficiary’s demand and determine whether it conforms on its face to the terms of the guarantee. Once it has made such a determination, the bank must pay without delay the amount claimed under the instrument.
注意事项:
1.本学习笔记仅用于本博客的交流学习，相关学习笔记均为本站整理资料。
2.欢迎读者交流分享，转载请注明出处“WWW.考试.NET”并严禁用于商业用途。
3.欢迎在博客下端评论、提出学习见解，本博客将尽快回复，对好的意见进行收录整理！

 

CSDG考试知识点- Independent undertaking

返回: CSDG考试知识点目录  本站主页

Independent undertaking

The issuer of the demand guarantee or standby letter of credit is obliged to pay upon presentation of the stipulated documents, provided all terms and conditions of the instrument are complied with, regardless of actual performance of, or breach of, the underlying relationship. Further, the obligation of the issuer to pay against a complying presentation is independent of the relationship between the issuer and the applicant.

重点

  • A demand guarantee or standby letter of credit is subject only to its terms, whether such terms are expressly stipulated in that guarantee or incorporated by reference (eg, ICC rules).
  • No defence arising from the underlying transaction (such as termination, set‑off, force majeure, a commercial dispute between the applicant and the beneficiary, etc) can be asserted by the issuer to avoid the payment of the guarantee.
  • Likewise, the issuer may not assert any defence arising from the applicant–issuer relationship (bankruptcy of the applicant, breach of the applicant’s duty to pay the issuer’s charges, etc)
注意事项:
1.本学习笔记仅用于本博客的交流学习，相关学习笔记均为本站整理资料。
2.欢迎读者交流分享，转载请注明出处“WWW.考试.NET”并严禁用于商业用途。
3.欢迎在博客下端评论、提出学习见解，本博客将尽快回复，对好的意见进行收录整理！