Chapter 2 Bill of exchange.pptVIP

In international market, after the acceptance of the time bill if the bearer or the holder wants to get cash before the bill is mature, he can come to the bank or discount house which are prepared to discount the bill by paying immediate cash for the bill at a little less than its face value,(票面价值) i.e., after deducting charges and interest based on the current rate of discount(贴现率), and then, will collect the full amount from the acceptor when the bill becomes due. Discounting of bills of exchange 贴现业务既是票据买卖业务，也是资金融通业务 12.Discounting of a bill of exchange Definition p29 The process of discounting a bill of exchange is as follows: Issue a bill, present it for acceptance accept it discount it present it for payment at maturity pay the amount pay the face value How to calculate the net proceeds? Suppose an accepted bill for USD10000 falls due on Sep.18,2011.the exporter takes it to a discount bank on Jun.30. The discount rate is 10%. D=(Vxtxd)/360 D=discount interest V=face value of the bill (USD10000.00) t=tenor (time) (80days) d=discount rate (10%) D=(10000x80x10%)/360=USD222.22 Net proceeds=USD(10000-222.22)=USD9777.78 英镑按一年365天作为基本天数，美元、欧元则按360天作为基本天数。 * * * * * * * * Chapter 2 Bill of exchange Classification of bills of exchange Contents of a bill of exchange Parties to a bill of exchange Definition of a bill of exchange Acts of bills of exchange A Bill of exchange is an unconditional order in writing, addressed by one person to another, signed by the person giving it, requiring the person to whom it is addressed to pay on demand or at a fixed or determinable future time a sum certain in money to or the order of a specified person or to bearer. Definition 汇票是由一个人（drawer） 向另一个人签发的(drawee)/受票人 无条件的 unconditonal 书面命令order in writing 要求其在见票时或在未来某一规定的或可以确定的时间(tenor) 将一定金额的款项支付给某一特定的人或指定的人，或持票人(payee) Exchange for US $ 35,000.00 Shanghai, April 2, 2007 At