题目内容
Foreign exchange includes various means of payments and assets denominated in a foreign currency that can be used for international settlement.
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Passage Two There are five parties concerned with a collection, the customer, the remitting bank, the presenting bank and the drawee. The customer is the principal who entrusts the operation of collecting to his bank, which is the remitting bank. The collecting bank is any bank, other than the remitting bank, involved in processing the collection order, and the presenting bank is the collecting bank making presentation to the drawee--more than one collecting bank may be involved in collecting a bill and it is the bank that actually presents the bill to the drawee for acceptance/payment that is the presenting bank. The drawee is the person specified as the one to whom the financial document and/or commercial documents is to be presented. A collecting bank must be sent a collection order with the documents concerned, and this must give complete and concise instructions. It will in fact incorporate, all the instructions contained in the application form. Banks are only permitted to act upon instructions given in such an order and must advise the remitting bank immediate if they can not comply with the instructions contained in the order. The collecting bank only acts upon the instructions given in the collection order of the presenting bank.
Passage Three Banks with large international credits limit their concentrations of loans in any one country according to the perceived "country risk". Country risk generally refers to economic and political conditions existing in a country. In any case, a loan to the foreign nation’s government or its agencies is generally safer than a loan to a private-sector borrower. Even loans to governments may be unsafe, however, because of what is called "sovereign risk". When foreign governments experience economic or political pressures, there is a risk that they will divert resources to the correction of their domestic problems at the expense of servicing their debts to external lenders. In the 1980s, several less-developed nations requested the rescheduling of bank loans at considerable sacrifice in interest income to the banks involved. At the extreme, governments might simply repudiate their debts; that is, they might no longer recognize their obligations to external creditors. Usually, a loan to government is safer than a loan to a private-sector borrower.
The important distinction between the external financial market and the domestic financial market lies in that Eurocurrency banking is not subject to domestic banking regulations.
Passage Three Banks with large international credits limit their concentrations of loans in any one country according to the perceived "country risk". Country risk generally refers to economic and political conditions existing in a country. In any case, a loan to the foreign nation’s government or its agencies is generally safer than a loan to a private-sector borrower. Even loans to governments may be unsafe, however, because of what is called "sovereign risk". When foreign governments experience economic or political pressures, there is a risk that they will divert resources to the correction of their domestic problems at the expense of servicing their debts to external lenders. In the 1980s, several less-developed nations requested the rescheduling of bank loans at considerable sacrifice in interest income to the banks involved. At the extreme, governments might simply repudiate their debts; that is, they might no longer recognize their obligations to external creditors. Country risk refers to political risk existing in a country.
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