ITrueorFalse(10%)Nowadays,onlyirrevocableL/Cisallowed.TheUCP600canbeappliedtobothdocumentarycreditandstandbycredit.AccordingtotheUCP600,theexpression“onorabout”orsimilarwillbeinterpretedasastipulationthataneventistooccurduringaperiodoffivecalendardaysbeforeuntilfivecalendardaysafterthespecifieddate,bothstartandenddatesincluded.AccordingtotheUCP600,thewords“to”,“until”,“till”,“from”and“between”whenusedtodetermineaperiodofshipmentincludethedateordatesmentioned,andthewords“before”and"after"excludethedatementioned.Acreditbyitsnatureisnotaseparatetransactionfromthesaleorothercontractonwhichitmaybebased.BanksundertheL/Cdealwithdocumentsandnotwithgoods,services,orperformancetowhichthedocumentsmayrelate.Thewords“about”or“approximately”usedinconnectionwiththeamountofthecreditorthequantityortheunitpricestatedinthecreditaretobeconstruedasallowingatolerancenottoexceed5%moreor5%lessthantheamount,thequantity,ortheunitpricetowhichtheyrefer.AccordingtotheCISG,oralcontractisallowed.Check/chequecanbedividedintosightchequeandtimecheque.Bothofferandacceptarenecessaryfortheconclusionofthecontract.Alateacceptanceisnoteffectiveinanycase.AlltheUnitedNationsmemberhavesignedtheCISG.INCOTERMS2020wasmadetheWTO.Ingeneral,writtencontractisbetterthanoralcontract.Inpractice,theB/L,airwaybillandrailwaybillallaredocumentsofthetitletothegoods.Allthegoodsininternationalmustbepackedinacertainkindofpackage.Wecanusetontodescribetheweightininternationaltrade.Nomatterwedodomestictradeorinternationaltrade,thepartiesconcernedwillmeetforeignexchangerisk.TheCISGhasbeenacceptedbyalltheUnitedNationMembercountries.Underthecollection,itisthecollectingbankwhobearstheobligationtopaytotheexporter.AstotheSeller,D/Aat30daysaftersightisbetterthanD/Pat30daysaftersight.Inspectionbeforeshipmentisnecessaryininternationaltrade.IChoosetheBestAnswer.(10%)1-5ACABA6-10DDADD——每題1分IIAnswerthefollowingquestions.(70%)WhatarethecharacteristicsoftheL/C?Answer:Theopeningbankbearsthefirstresponsibilitytopaythebeneficiary.TheL/Cisindependentofthesalescontract;TheL/Cdealswithdocumentsonly.——14分ListthebasicobligationsofboththesellerandthebuyerunderCIF.Answer:Theseller’sbasicobligationunderCIFareasfollows:——9分TodeliverthegoodsandpresenttherelatedcommercialinvoicesToclearthegoodsfortheexport;Tobeartherisksbeforethecommoditieshavebeendeliveredonboardthevesselattheportofshipment;tocontractonusualtermsathisownexpenseforthecarriageofthegoodstothenamedportofdestinationbytheusualrouteinaseagoingvessel(orinlandwaterwayvesselasthecasemaybe)ofthetypenormallyusedforthetransportofgoodsofthecontractdescriptioncontractforthecarriageandTocontractfortheinsuranceandpaytheinsurance.Thebuyer’sbasicobligationunderCIFareasfollows:——5分Tomakepayment;Toclearthegoodsfortheimport;Tobeartherisksafterthecommoditieshavebeendeliveredonboardthevesselattheportofshipment.Ifyouwerethepresidentofyourcountry,oneofthemembersoftheWTO,andyouwouldliketoexpandtheexportinyourcountry.Whatkindsofmeasureyoucanchoose?Answer:Basedonthecomparativeadvantagetheory;Toprotecttheinfantindustryandimprovetheircompetence;Tocarryoutthemeasuressuchasexportcredit;foreignexchangedumping,exportsubsidywhichmeetstherequirementsoftheWTO——14分DescribethegeneralpaymentprocedureoftheD/Paftersightwithafigureandnecessaryexplanation.Answer:UnderD/Paftersight,thecollectionprocedureisshowninthefollowingFigure.(1)TheSellerandtheBuyerbothhavesignedthesalescontract,inwhichbothagreetopaybyD/Paftersight;(2)TheSellermakesthegoodsavailable,effectstheshipmentandobtainstheshippingdocuments;(3)ThesellerfillsintheCollectionApplication,drawsthetimedrafts,presentsthecommercialdocument.Atthesametime,thesellerpaysthecollectingfeesandotherrelatedexpenses(generallyshallbebornebythecollectionsideexceptotherwisespecified;(4)Collectionbankmakesoutthecollectioninstruction(alsoknownascollectionorder)accordingtotheseller’sinstruction,presentsittothecollectingbankwiththedrafts,commercialdocumentsetc.andrequiresthecollectingbanktocollectthepaymentinaccordancewiththecollectioninstruction;(5)Thecollectingbankpresentsthedraftsandtheotherdocumentstotheimporterandasksthebuyertomakeacceptance;(6)Theimporteracceptedthedraftimmediately;(7)Collectingbankwillreleaseallsetofdocumentswhenthebuyerhasmadepaymentonitsmaturity;(8)Collectingbanktransfersthefundstotheremittingbankwhenhehasgotthepayment;(9)Remittingbanktransfersthefundstotheprincipal.(1)Drawee(1)DraweePrincipal(2)ShippingCompany(2)ShippingCompany((5)(7)((7)(6)(9)(3)((8)(4)CollectingBank(4)CollectingBankPrincipalRemittingBankFigureGeneralProcedureofD/Pafttersight——14分Whatisforeignexchangeraterisks?Howtodealwithit?Listatleast10kindsofmethodstodealwithforeignexchangerisk.Answer:(1)Foreignexchangeriskdescribestheriskthataninvestment’svaluemaychangeduetochangesinthevalueoftwodifferentcurrencies.——4分(2)Howcanafirmminimizeitoravoidit：-bartertrade;-spotExchangeTransactions;-forwardExchangeTransactions;-hedging;-option;-foreignexchangefuturestransaction;-topayorcollectbylocalcurrency;-parallelloans;-swaptransaction;-leadsandlags;-earlywarningofforeignexchange——10分IIICalculation.(20%)Readthetable1carefullyandthenanswerthefollowingthreequestions.CalculatetheexchangeratebetweenUSDandCNY