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Unit Five

Banking and Payment

Unit 1

Unit 2

Unit 3

Unit 4

Unit 5 Unit 10

Unit 9

Unit 8

Unit 7

Unit 6

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Negotiation

A bank is a financial institution that provides banking and other financial services. Typically, a bank generates profits from transaction fees on financial services or the interest spread on resources it holds in trust for clients while paying them interest on the asset. The purpose of exporting is to get payment. Only when payment has been received can a process of transaction be completed. So being paid in full and on time is of the utmost concern to exporters. There are many ways in which the exporter can receive payment when selling his products abroad, depending on how trustworthy he considers the buyer to be, such as letter of credit, documentary collection, bank cheques and drafts, risks of which vary accordingly. Exporter or importer always values the risks involved and chooses the most favorable method of payment.

Lead-inText A

Text B

Real Life Practice

Practical Writing

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Lead-in

Listening Spot Dictation 1. Listening

Listen to the passages and choose the best answer to each question.

Passage 1

1. Services offered by a bank depend upon _______.A. the type of a bankB. the credit of a bank and the countryC. the type of a bank and the countryD. companies and individuals

2. Which services a bank can provide are not mentioned in the passage?

A. Issuing checking and saving accounts.B. Issuing credit cards, ATM cards and debit cards.C. Lending out money.D. Providing guarantee.

C( )

D( )

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Listening

Passage 1 Although the type of services offered by a bank depends upon the type of a bank and the country, services provided usually include:1. Lending out money to companies and individuals2. Issuing checking and saving accounts3. Cashing checks4. Facilitating money transactions such as wiring transfer and cashier checks5. Issue credit cards, ATM cards, and debit cards6. Storage of valuables, particularly in a safe deposit box

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Lead-in

Passage 2 1. Which best describes “recovering your money or

getting compensation”? A. time-consuming and impossible. B. expensive and impossible. C. time-consuming, expensive and impossible. D. expensive and possible. 2. Whichh payment terms is preferred by supplier in many cases? A. documentary collection. B. Letter of credit. C. Deferred payment. D. Cash.

C( )

B( )

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Listening

Passage 2

If you pay for imports in advance, your risk finds that the goods never turn up, or are faulty. Recovering your money or getting compensation can be very time-consuming and expensive, and may even prove impossible.

You can protect yourself by using suitable payment terms. It is not uncommon to ask suppliers to offer you credit.

Suppliers may prefer you to use a documentary collection. This payment method helps protect them if you fail to pay after delivery. Your bank can advise you on what is involved.

In many cases, the supplier may want you to use a letter of credit. This is the general practice in international trade if the order size is large enough.

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Spot Dictation

Listen to the passage and fill in the blanks with the missing information.

As a rule, you want to 1________________________ who can deliver what you want, in the right quantity and quality, on time:

You should 2____________________ and check that the goods you buy are suitable.3___________________________________________________________about product and service quality. You also want to be sure that they follow ethical working practices, for example, your reputation could suffer if you buy from suppliers 4__________________________. You may need to check where raw materials come from, particularly if you want to be able to claim a preferential rate of import duty. You need to know whether suppliers 5_______________________ ________________If so, you may want to assess these subcontractors as well.

deal with reliable suppliers( )

assess product quality( )

Investigating suppliers’ management systems can help reassure you( )

who mistreat their employees.( )

outsource any work to subcontractors

(

)

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Spot Dictation

You should check that suppliers are who they claimed to be. Frauds do occur in international trade.

Dealing with the right suppliers help reduce the risks of poor quality goods or delivery problems. Even so, suppliers can fail to meet their obligations. 6____________________________ can be difficult, time-consuming, expensive or even impossible.

Choosing the right payment methods and suppliers can reduce the risks and the consequences if things do go wrong.

Enforcing your contractual rights( )

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Text A

New Words and Expressions

Reading

Comprehension

Vocabulary

Translation

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New Words and Expressions

offshore a. 近海的 ; 离岸的 ; 海面上的 draft n. 汇票 ; 付款通知单 consignment n. 投递；递送 default v. 违约 , 不履行 genuine a. 真正的 ; 名副其实的 drawer n. 【商】 ( 汇票等的 ) 开 [ 出 ] 票人 dishonour v. 拒付，拒绝承兑 parallel a. 平行的，相同的，相似的 negotiable a. 可兑现的；可转让的 bearer n. 持票人 authenticity n. 确实性；真实性 creditworthiness n. 信誉 maturity n. ( 债务、票据等的 ) 到期；到期日 discount n. 【商】贴现率；贴现

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Reading

Read the passage and answer the following questions.

1. In which case are bank cheques and drafts often used?

2. How long will international clearing of bank cheques and drafts take?

Bank cheques and drafts are often used in open account and consignment trade arrangements.

(

)

International clearing of bank cheques and drafts takes 3 to 4 weeks usually (except in a sight draft with a paying bank in the seller’ s country).

(

)

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Reading

3. What is the cross cheque?

4. How many kinds of bills of exchange are mentioned in the text?

5. What’s the function of collecting bank?

Cross cheque is a cheque across which have been drawn two parallel lines with the words “not negotiable” written between them.

(

)

Two: clean draft and documentary draft.(

)

Collecting bank is a bank who collects payment for the seller.

(

)

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Reading

Bank Cheques and Drafts1 In exporting to the offshore countries, by bank cheques and drafts occurs more often in a small order, ranging from a few hundred to a couple of thousand US dollars. Bank cheques and drafts are often used in open accounts and trade arrangements. 2 Both large and small companies may default in their payments, regardless of the amount involved. In times of economic uncertainty, both large and small companies may go out of business. It is important to receive bank cheques or drafts before releasing the shipment. Unless the integrity of the importer is known, it is very important to wait until bank cheques or drafts have cleared before the shipment. International clearing of bank cheques and drafts takes 3 to 4 weeks usually (except in a sight draft with a paying bank in the seller’ s country).

银行支票与汇票 在出口到国外时，从几百美元到几千美元的小笔订单常用银行支票与汇票来支付。银行支票和汇票还常出现在往来账户及寄售贸易中。

无论涉及的金额多少，大小公司都有可能不履行付款职责。在经济不稳定时，大小公司都会歇业。因此在放行货物之前收到银行支票及汇票是很重要的。 除非了解进口商的信誉，否则最好在装船前兑现支票或汇票。 通常结算国际银行支票和汇票要花 3 4 周（在卖方国家的付款银行使用即期汇票兑付的情况除外）。

payment

① the act of paying or the state of being paid 支付 , 偿还 He proposed a payment by T/T. We will make payment when the draft is presented to us. ② the amount paid 支付的款项 We received the payment in time.

pay vi. & vt. 支付，付款 ; 偿还， payer n. 支付者 , 付款人 payee n. 收款人 , 领款人

consignment

① the act of consigning 委托 , 寄售的行为 We can conclude the deal on consignement. Consignment provides that payment is made only on completed sales. ② something consigned 交付、寄售的东西

It is expected that the consignment will be ready for shipment in the early part of August. The consignment will leave Tianjin by s.s.“Eastwind”.

consign v. 交付，寄售 consignee n. 受托人，收货人 consignor n. 委托者 , 发货人 , 寄件人 ,

______

① vt. to settle a debt 结清，付清 The account shall be cleared up before the end of each year. ② vt.&vi. to comply with customs and harbor requirements in discharging a cargo or in

leaving or entering a port 办理结关手续 Goods going through clearing shall be inspected. clearance n. 结关；结算，清算

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Reading

3 Not all bank cheques and drafts are genuine, and not all genuine cheques carry a cash value.4 A cheque is issued by the who is a bank or other financial institution drawing on itself. The customer buys the cheque with a small fee and uses it in the same way as cash. Bank cheques are widely regarded as being “as safe as a bank”, however, there have been instances of bank cheques being .Crossed Cheque5 A crossed cheque is a cheque across which two parallel lines have been drawn with the words “not ” written between them. A crossed cheque must be paid into a bank account and cannot be cashed over the counter.

并非所有的支票和银行汇票都是真实的，也并非所有真实的支票都有货币价值。

银行支票是银行或其他金融机构开具一张以自己为受票人的支票。客户用低廉的费用向银行购买支票，像使用现金一样流通。银行支票通常被认为“像银行一样安全可靠”，尽管如此也有银行支票被拒付的先例。

画线支票 画线支票是票面上画有两条平行线并写着“不可流通”的字样。画线支票必须付给银行账户，而不能在柜台间流通。

drawer

① vt. & vi. to use (a check, for example) when paying 开支票使用支票等付款 We are drawing on you at sight for the value of your last purchase. You can draw on us a 60 days draft. ② vt. to withdraw (money) 提取（钱）

You can draw the money out at any time you like. drawings n. 用汇票支付的金额 drawer n. 开票人开立汇票索款的人 drawee n.( 支票、汇票等的 ) 付款人

dishonoured

vt. to pay or to accept 承兑，兑现 The buyer shall honour the draft when it is presented to him. The draft is honoured when it is due.

dishonour vt. 不兑现，不承兑

negotiable

① transferable from one person to another 可转让的 , 可流通的，可议付的 The seller shall send three negotiable B/L to the buyer immediately after shipment is

made. A full set of negotiable shipping documents shall be made out to order. ② easy or possible to negotiate or be negotiated 可协商的 This issue is negotiable through friendly discussion.

non negotiable a. 不可转让的，不可议付的 non negotiable B/L 提单副本 negotiation 议付，转让

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Reading

Bill of Exchang6 A bill of exchange, also referred to, simply, a draft in international payment, is an unconditional order in writing, by the drawer to the drawee, requiring the drawee to pay a sum of money on demand or at a specified future time to the payee (who might be the drawer or another party) or to the . If the drawee the bill, by writing on it and signing it, he becomes the acceptor and therefore is primarily liable to pay the bill when it becomes .7 As with all financial documents, the source, i.e. the drawer or of the bill of exchange, must be carefully . If it is a bank, then the bank must be contacted to verify the authenticity of the document, and the creditworthiness of the bank must be established through independent research.汇票

汇票在国际贸易结算中也简称为汇票，它是一道书面的无条件命令，由开票人指示给受票人，要求受票人在规定期限内或将来某一具体时间付给收款人（该收款人可能是开票人或另一方）或汇票持有者一笔钱。如果受票人同意兑现汇票，就会在票面上书写和签名，成为汇票承兑人，当汇票到期时，负责付款。

因为国际贸易使用的都是金融单证，所以来源，也就是开票人或汇票开出人必须被调查清楚。如果是银行是开出人，那么必须与银行联系，让其证明单证的真实性并且通过独立的调查确定银行的可信度。

addressed

① to dispatch or consign 寄送，托运派遣或寄送 The drawer addressed the draft to the drawee. ② to mark with a destination 写地址标注目的地

Would you please pass on the letter addressed to your Shanghai branch? The letter is addressed with an unclear name.

bearer

① to carry on one’s person; convey 亲自携带；运输 The person who bears the draft has the right to take delivery of the goods. ② to be accountable for; assume 负责 , 对……负责；承担责任

The extra premium will be borne by the buyer. The insurance company will bear the responsibility if proper coverage is

insured. bearer n. 持有人

accepts

① vt. to consent to pay 承兑 , 同意偿还 The supplier’s draft at 60 days will be accepted by the bank’s correspondent in India The latter accepts it by signing the draft on the back and the draft will be countersigned by

the banker so that it gives the seller the guarantee of the bankers’. ② vt.&vi. to receive (something offered), especially with gladness 接受

We have persuaded our manufacturers to accept this order We agree to accept the goods in 3 shipments.

acceptable a. 可接受的，可承兑的 acceptance n. 接受，承兑 acceptor n. 承兑者

due

① expired 到期 The draft falls due on May 30. The drawee shall pay the draft when it comes due. ② owed 应付的，欠的

We have received the remittance, but have to point out that 500,00 is still due to us. The commission due to you will be paid at the end of this month.

overdue a. 超时，过 期

issuer

① vt. to open or draw 开具（汇票），开立（信用证） We have received your L/C No.4062 issued by ABC Bank. We would prefer you to issue your L/C as stipulated so that we can continue our

friendly business relations. ② n. a matter of public concern, a question 议题公众关心的事物 , 问题

This issue arouses many public interests.issuer n. 开立人，开具人

investigated

vt. to observe or inquire into in detail; examine systematically 调查详细地观察或查询；系统地检查 We will investigate the claim you made carefully and let you know the

result soon. The matter will be investigated to avoid similar occurence.

investigation n. 调查 investigator n. 调查者

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Reading

Clean and Documentary Draft8 With a draft, there are no shipping documents accompanying the draft sent to the bank. The shipping documents are sent together with the goods directly to the buyer.9 With a documentary draft, the shipping documents are accompanying the draft sent to the remitting bank. The buyer will receive the shipping documents from the collecting bank only after he has paid or accepted the draft for payment. With the documentary draft arrangement, payment can be made in two modes:

光票和跟单汇票 光票是指汇票寄往汇款行时不附带运输单证。运输单证与货物一起直接寄到客户处。

跟单汇票是指汇票与运输单证一同寄往汇款行。买方在付款后或承兑汇票后，才能从托收行处得到运输单证。使用跟单汇票，有两种付款方式：

clean

① with no documents 光票 , 无跟单有价证券 Draft that has no documents with it is clean. A clean draft is different from the documentary draft. ② having no marks 清洁的，无不良记录的

A full set of clean on board B/L shall be prepared according to the L/C stipulations.

remitting

vt.&vi. to transmit (money) in payment 汇款登记入帐 Remit the money to me after you go back to your corporation. Father remit the money to me on the first every month. Remit by cheque.

remittance n. 汇寄，汇寄的款项remitting bank 汇款行

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Reading

10 A sight draft is used when the exporter wishes to retain title to the shipment until it reaches its destination and payment is made. Before the shipment can be released to the buyer, the original ocean bill of lading (the document that evidences title) must be properly by the seller and to the carrier. The importer’s payment of the sight draft in exchange of the shipping documents is known as Documents against Payment, D/P for short.

即期付款交单

当出口商希望在货物抵达目的港、款项兑付之前对运输单证保留有所有权，他们就会选择即期汇票结算货款。在货物放行到客户手中之前，客户必须在海洋提单 ( 证明所有权 ) 正本上背书并提交给承运人。进口商用即期汇票支付交换运输单证的付款方式，被称为付款交单，简写为“ D/P” 。

endorsed

① to write one’s signature on the back of (a check, for example) as evidence of the legal transfer of its ownership, especially in return for the cash or credit indicated on its face （支票等的）背书签名于（支票的）背面以作为合法转让其所有权的证据，尤其是作为对标于其正面的现金或信用卡的交换 A full set of clean on board ocean B/L is made out to order, blank endorsed. The endorsed documents prove the transfer of ownership. ② to place (one’s signature), as on a contract, to indicate approval of its contents or

terms. 签署，批准签署（签名），如在合同上，表明对其内容或条款的赞同 The other party agrees with the contract by endorsing on it.

endorsement n. 背书 , 签注 ( 文件 ), 认可

surrendered

vt. to render, to give out, to deliver 交出，给出，让与 We therefore think it would be unwise to surrender the enclosed

documents on a D/A basis. The documents can be surrendered only after payment.

Documents against Payment (D/P) with Sight Draft

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Reading

Documents against Acceptance (D/A) with Time Draft11 A time draft is used when the exporter extends credit to the buyer. The draft states that payment is due by a specific time after the buyer accepts the time draft and receives the goods (e.g., 30 days after acceptance). This method is also known as Documents against Acceptance, D/A for short. By signing and writing “accepted” on the draft, the buyer is formally to pay within the stated time. When this is done the time draft is then called a trade acceptance. It can be kept by the exporter until maturity or sold to a bank at a discount for immediate payment.远期汇票承兑交单 当出口商提供信用给客户时，就需要远期汇票。 汇票上说明汇票在承兑后、客户收到货物后的付款期限（比如，承兑后 30天到期）。这种付款方式又叫做承兑交单，简写为“ D/A” 。通过在汇票上签名并书写上“承兑”字样，客户就有责任在规定期限内付款。当这一付款行为履行时，远期汇票被称为商业承兑。出口商可以在汇票到期前或贴现给银行之前持有该汇票。

obligated

vt. to bind, compel, or constrain 使负有责任或义务 The contractual parties are obligated to execute the terms and

conditions in the contract. As contracted, the buyer is obligated to make payment before taking

delivery of the goods. obligation n. 义务，责任

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Comprehension

Part 1 Part 2

Part 1 Decide whether the following statements are True or False.

1. Payment by cheque is often adopted in orders ranging from a few hundred to a couple of thousand US dollars.

2. Both large and small companies may not make payment if the amount involved is small.

3. Even in a sight draft with a paying bank in the seller’s country, international clearing of bank cheques and drafts will takes 3 to 4 weeks.

4. The customer shall pay a small fee for the cheque and uses it in the same way as cash.

5. A crossed cheque can be paid in many ways and cashed over the counter.

T( )

F( )

F( )

T( )

F( )

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Comprehension

Part 2 Choose the best answer to each question.

1. Which is an unconditional order in writing?

A. A bill of exchange. B. A cheque.C. A sight draft. D. A time draft.

2. The source of the bill of exchange which must be carefully investigated refers to ______.

A. all financial documents. B. sellers.C. the drawer. D. the bank.

A( )

C( )

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Comprehension

3. Which draft has no accompanying shipping documents sent to the remitting bank?

A. Accompany draft. B. Clean draft.C. Documentary draft. D. Time draft.

4. Which kind of draft is used when the exporter wishes to retain title to the shipment until it reaches its destination and payment is made?

A. Clean draft. B. Documentary draft.C. Sight draft. D. Time draft.

5. When will the time drafts be called a trade acceptance?

A. When the deal is closed.B. When the buyer signs “accepted” on the draft.C. When the buyer accepts the goods.D. When the buyer agrees to pay within the stated time.

B( )

c( )

B( )

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Vocabulary

Part 1 Choose proper words given in the boxes to complete the sentences.

Part 1 Part 2 Part 3

involve involved involving

1. Finishing this work will ________ a lot of difficulties.

2. Considering the problem __________, we have to be careful.

3. ________ a lot of difficulties, the work must be very hard.

draw drawer drawee

4. The ________ of the draft requires the _____________ to pay a sum of money on demand.

involve( )

involved( )

Involving( )

drawer( ) the drawee( )

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Vocabulary

draw drawer drawee

5. You may ________ on us at 60 d/s from the date of dispatch of each shipment.

honour honorable

6. The draft can be ______________ only with correct information.

7. We will ________ the draft on presentation.

pay payer payee payable payment

8. You are requested to effect immediate __________ on the presentation of our draft.

draw( )

honourable( )

honour( )

payment( )

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Vocabulary

pay payer payee payable payment

9. Payment should be made by an irrevocable L/C __________ by draft at sight.

10.You should ________ before you can get the documents.

11.The ________ is usually the drawer of the draft and the ________ is usually the buyer.

accept acceptance acceptor acceptable

12.We regret being unable to ________ your terms of payment mentioned therein.

13. Our end users find our products suitable and the payment asked for is ____________.

payable( )

pay( )

payee( )

payer( )

accept( )

acceptable( )

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Vocabulary

accept acceptance acceptor acceptable

14.The documents will be presented to you by the Chartered Bank against your ____________of the draft in the usual way.

15. ____________ of the draft shall sign on the draft with “acccepted”.

issue issuer

16.We would want you to ________ your L/C as stipulated so that we can continue our friendly business relations.

17. The ________ of the draft can be a bank or financial institute.

acceptance( )

Acceptor( )

issue ( )

issuer( )

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Vocabulary

Part 2 Complete the sentences with the following expressions. Change the form where necessary.

1. The insurance company shall be ________ for any losses in transit.

2. When the draft comes ________, then they pay the money.

3. The buyer of the goods shall ________ the goods after they arrive at the destination.

release clear refer to liable due investigate verify

liable( )

due( )

clear( )

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Vocabulary

4. The seller usually ____________ the complaint before giving the buyer a reply.

5. It is beyond our ability to ask the customs to ________ the goods in advance.

6. When it is the first time to do business, the businessman shall ________ the creditworthiness of the partner.

7. You can ________ the bank for our financial position.

release clear refer to liable due investigate verify

investigate( )

release( )

verify( )

refer to( )

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Vocabulary

Part 3 Complete the sentences with the following expressions. Change the form where necessary. Each word can be used more than once.

endorse exchange state remit accompanysurrender obligate specify extend

1. After shipment we’ll write to you ________ the name of the vessel, quantity and the date of sailing.

2. We therefore think it would be unwise to ____________ the enclosed documents on a D/A basis.

3. The date of shipment should be __________ to the end of Nov.

4. Through negotiation, the parties concerned will make clear the _____________ of both sides.

stating( )

surrender( )

extended( )

obligation( )

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Vocabulary

endorse exchange state remit accompanysurrender obligate specify extend

5. In response to your letter, we send this letter to ________ the points discussed between us.6. We have received the ____________, but have to point out that $500,00 is still due to us. 7. By accepting the draft, the buyer agrees to make payment within ________ time. 8. Please _____________ the credit with the following documents. 9. We always adhere to the principle of equality, mutual benefit and the ____________ of needed goods. 10. We require a full set of clean shipped on board ocean B/L made out to order and blank __________, marked “freight prepaid”, notifying the accountee.

specify ( )

remittance( )

stated( )

accompany( )

exchange( )

endorsed ( )

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Translation

Part 1 Part 2

Part 1 Translate the following terms into Chinese.

Part 3

1. open account

2. consignment trade

3. clean and documentary draft

4. remitting bank

5. Documents against Payment (D/P)

6. time draft

7. trade acceptance

往来账户 ( )

寄售贸易( )

光票和跟单汇票( )

汇款行( )

付款交单( )

远期汇票( )

贸易承兑( )

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Translation

Part 2 Translate the following sentences into Chinese.

1. In times of economic uncertainty, both large and small companies may go out of business.

2. ot all bank cheques and drafts are genuine, and not all genuine cheques carry a cash value.

3. A crossed cheque is a cheque across which two parallel lines have been drawn with the words “not negotiable” written between them.

在经济不稳定时，大小公司都会歇业。(

)

并非所有的支票和银行汇票都是真实的，也并非所有真实的支票都有货币价值。

(

)

画线支票是票面上画有两条平行线并写着“不可流通”的字样。

(

)

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Translation

4. If the drawee accepts the bill, by writing on it and signing it, he becomes the acceptor and therefore is primarily liable to pay the bill when it becomes due.

5. If it is a bank, then the bank must be contacted to verify the authenticity of the document, and the creditworthiness of the bank must be established through independent research.

如受票人签署汇票表示承兑，就变成了承兑人，汇票到期时负责兑付。

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)

如 ( 出票人 ) 是银行，那么必须跟银行联系，证明汇票的真实性，还要通过独立调查确定银行的可信度。

(

)

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Translation

Part 3 Read the English sentences, paying attention to the colored

expressions. Then translate the Chinese in to English.

1. Payment by bank cheques and drafts occurs more often in a small order, ranging from a few hundred to a couple of thousand US dollars.

We mainly handle imports, _____________________________________ ( 业务范围从家用电器到大型机器产品 ).

2. Unless the integrity of the importer is known, it is very important to wait until bank cheques or drafts have cleared before the shipment____________________________ ( 除非另行通知 ) ， our shipment date will be at the beginning of September.

ranging from family appliance to machines.( )

Unless otherwise informed( )

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Translation

3. Bank cheques are widely regarded as being “as safe as a bank”.To sellers, L/C ____________________________________ ( 通常被认为是最安全的付款方式 ).

4. The buyer will receive the shipping documents from the collecting bank only after he has paid or accepted the draft for payment.

Business can be done

___________________________________________________ ( 只有调查清楚合作方的资信情况之后 ).

is regarded as the safest way of payment( )

only after the financial position of the partner has been investigated

(

)

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Text B

Reading

Comprehension

Vocabulary

Translation

New Words and Expressions

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New Words and Expressions

withdraw v. 提款，取款

monetary a. 货币的，金融的 ; 财政的

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Reading

Types of Account

1 Depository institutions may offer a great variety of accounts, but most commonly the following four types are available:Current Account2 A current account (also called a account) is a deposit account held at a bank or other financial institution, for the purpose of securely and quickly providing frequent to funds on demand. This account is essential for business doing.

各类银行账户 存款机构为客户提供各类账户，主要有以下四种：往来账户 往来账户（又称活期户头）是为获得安全快捷频繁的资金服务而存放在银行或其他金融机构的储蓄账户。这种账户对商业往来十分重要。

access

n. the right to approach, enter, exit, or make use of 接近权，享用权，出入权接近、进入、出去或使用的权力 With the permission card on hand, we can have easy access to

hundreds of books in the library.access v. 接近

demand

① the act of demanding 要求的行为 The bill is payable on demand. ② requirement or need 需要或需求

There is a great demand for this kind of goods in our market. The goods are in great demand.

demand bill n. 见票即付的支票或汇票

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Reading

Checking Account 3. With a checking account you use cheques to your money from

the account. You may use cheques to pay your bills, purchase products and services (at businesses that accept personal cheques), send money to friends and family, and so on.

You can also use cheques to transfer money into accounts at other financial institutions. You have quick, convenient, and, if needed, frequent access to your money. Typically, you can make deposits into the checking account as often as you choose.

Many institutions will enable you to withdraw or deposit funds at an automated teller machine(ATM) or to pay for purchases at stores with your ATM card.

支票账户 持有支票账户，您可以用支票从账户里取钱。您还可以用支票付账、购买商品和服务（在可以接受个人支票的公司）、给亲友寄钱等其他多种常用功能。

您还可以用支票把钱转入其他金融机构的账户里。使用支票能满足您快捷方便频繁用钱的需求。通常，您可以按个人需要随时把钱存入支票账户。

许多银行允许客户在自动取款机上存取或用自动取款卡购物。

withdraw

① to remove (money) from an account 提款把（钱）从账上取出 You can withdraw your money at any ATM. Current account allows the customers to withdraw their money at any time. ② to take back or away; remove 收回；移开 ; 撤回

An irrevocable L/C is one that once opened, it cannot be withdrew without approval of the beneficiary. In the case of non firm offer, you can withdraw your offer before acceptance.

withdrawal n. 撤销，撤回

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Reading

Savings Account4 A savings account is an account maintained by commercial banks, savings and loan associations, credit unions, and mutual savings banks. With a savings account you can make withdrawals, but you do not have the flexibility of using cheques to do so. These accounts let customers a portion of their liquid assets that could be used to make purchases while earning a monetary return. Deposit Account5 A deposit account is an account at a banking institution that allows money to be held on behalf of the account holder. Some banks charge a fee for this service, while others may pay the client interest on the funds deposited.

储蓄账户 储蓄账户是由商业银行、储蓄放贷协会、信用社和互助银行经办的户头。您可以用储蓄账户提款，但不能如开支票一样便利。这种账户要求客户留出一部分流动资产，有货币回报时可以购买商品。

存款账户 存款账户是存在银行机构，代表账户持有者的账户。某些银行会对此项业务收费，而其他银行会付利息给存款的客户

______

① something, such as money, that is entrusted for safekeeping, as in a bank.存款，寄存物托付，代为保管（例如在银行里）的物品（例如钱等） You can make deposit into your account frequently. The deposit in the bank is very safe. ② a sum of money given as security for an item acquired for temporary use 押金，保证金

When payment is made by L/C, the applicant shall pay a deposit. The deposit they pay to the bank will tie up their funds.

deposit v. 存款，抵押

set aside

v. to leave unused 闲置 You can set aside some part of your assets in the bank. The amount set aside may earn interests for you.

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Comprehension

Choose the best answer to each question.

1. Which account is essential for business doing?

A. Open account B. Deposit accountC. Current account D. Savings account

2. You may use cheques in many cases except _________.

A. paying your bills B. sending money to friends and family

C. purchasing products and services D. earning money

c( )

D( )

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Comprehension

3. An automated teller machine (ATM) can be used in many cases except _________. A. remitting money to accounts in other financial institutions B. paying bills C. withdrawing money D. transfering money

4. Which account is an account maintained by commercial banks, savings and loan associations, credit unions, and mutual savings banks? A. Open account B. Deposit account C. Current account D. Saving account

5. The following statements about deposit account is true except that _________.

A. all banks charge a fee for this serviceB. a banking institution often has such businessC. a deposit account allows money to be held on behalf of the

account holderD. some banks may pay the client interest on the funds deposited

A( )

D( )

A( )

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Vocabulary

Complete the sentences with the following expressions. Change the form where necessary.

access to demand withdraw make deposits into set aside

1. With this account, the opener can make ____________________ money at any time.

2. The man has frequent ____________________ your account.

3. Many financial institutions allow customers to ____________________ their accounts and transfer money to others.

4. The important thing for the seller is to satisfy the market ____________________.

5. With insurance covered, the buyer may ____________________ a portion of the risks he may incur.

withdrawal( )

access( )

make deposits into ( )

demand( )

set aside ( )

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Translation

Translate the following terms into Chinese.

1. depository institution

2. ATM 3. credit union 4. loan association

5. liquid asset

6. monetary return 7. card holder

储蓄机构 ( )

自动取款机( )

信用社( )

贷款协会( )

流动资产( )

货币回报( )

卡的持有人( )

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Real Life Practice

Work in pairs, acting as a businessman (Mr. Tan) and a clerk in HSBC. Stimulate a dialogue according to the role.

Role 1—Mr. TanMr. Tan, a general manager of ABC Wood Co. Ltd, dealing in wood

products, just wants to move his account to HSBC as he thinks the bank is more reliable. His annual turnover is about $300,000. He goes to HSBC website and finds the telephone number for moving accounts. Now he is making the call.

Role 2—JolinJolin, a clerk in HSBC, works at the Business Banking Service. She

receives a call from Mr. Tan who wants to move his account to HSBC. She introduces the business banking to him, talking about the favorable terms he can get if he opens at once, the reasons for his opening and features of business current accounts.

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Real Life Practice The following passage can be taken as reference. The World’s Local Bank

Business Current Account (for businesses with a turnover below $500,000)

Our business bank account could be the right solution for you: If you mainly use cash and cheques to make and receive payments

into and out of your business bank account. If you want the flexibility to use our services online, in our branches

or at the telephone. If you value support and guidance from our in-branch specialists. Three great reasons to open an account today! Free business banking for up to 18 months. 12 months fee free business credit card, which makes it easier for you

to manage expenses and paying suppliers. Free Google Adwords voucher worth $75 when you register for online

banking.

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Real Life Practice The following passage can be taken as reference.

HSBC The World’s Local Bank

Business Current Account (for businesses with a turnover below $500,000) Our business bank account could be the right solution for you: If you mainly use cash and cheques to make and receive payments into

and out of your business bank account. If you want the flexibility to use our services online, in our branches or at

the telephone. If you value support and guidance from our in-branch specialists. Three great reasons to open an account today! Free business banking for up to 18 months. 12 months fee free business credit card, which makes it easier for you to

manage expenses and paying suppliers. Free Google Adwords voucher worth $75 when you register for online

banking.

Business Current Account—key features and benefits

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Real Life Practice

Access to over 1,500 branches with full counter service. Business specialists in branch to provide you with business help and

guidance. Freedom to manage your business finances on the Internet, by telephone,

by text message banking or at your branch. Regular paper statements, we will send them monthly or to save paper, we

can send them less often. Interest paid when your account is in credit at 2.5% below Bank of England

base rate. Make and receive payments — via cash, cheques or electronically. Free access to the Knowledge Network, your own online business resource

directory, full of practical information, tips and checklists. Option to open accounts in a number of foreign currencies.

* Free Business Banking means there are no charges for cash and business cheques, for Direct Debits, standing orders, or bill payments made from your account and for credits paid into it and withdrawals from most UK Link cash machines.

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Practical Writing

Giving Details of Payment You(Virley White) have come to terms with your new customer, William

John, concerning an order of silk products. You succeeded in persuading him to buy on COD. Now you are writing him about the details of payment.

Beneficiary bank( 收款银行 ): 香港上海汇丰银行有限公司（ Hong Kong and Shanghai Banking Co. Ltd, Hong Kong ， SWIFT Code: HSBCHKHH ）

Beneficiary A/C No. （收款账号）： 00054839923283 Beneficiary Name （收款人户名）： 湖北华美源商贸有限公司 Order No. ： IB3920 Amount Due ： USD 6800 　 Payment Date ： 2008 年 9 月 1 日

Sample Writing

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Sample Writing

Sample Writing Dear Mr. John We are very pleased to confirm the order No. IB3920 of silk with you

on COD. Now we would like to give you the details of payment as follows:

Beneficiary bank: Hongkong and Shanghai Banking Corporation Limited, Hong Kong ， SWIFT Code: HSBCHKHH

Beneficiary A/C No. ： 00054839923283 Beneficiary Name ： Hua Meiyuan Trading Co., Ltd. Hubei Amount due: USD 6800 Please note that the payment date shall be before September 1, 2008.

We assure you that we will make all necessary preparation for the prompt delivery of your order.

Yours faithfully,