2016年CDCS教材（共25章，带参考答案）2016 CDCS-full text

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1、1ThehistoryanduseofdocumentarycreditsLearningobjectivesThischapterincludesabriefhistoryofthedocumentarycredit,aninsightintocurrentlyavailablestatistics(2013data)andthetypesoftransactionforwhichadocumentarycreditisoftenchosenasthemethodofsettlement.Bytheendo

2、fthischapter,youshouldbeableto:◆describetheoriginsofadocumentarycredit;and◆understandtherangeoftransactionsforwhichadocumentarycreditmaybethechosenmethodofsettlement.1.1AbriefhistoryHistorianshavebeenabletotracetheuseofdocumentarycreditsbackasfarasancientEg

3、yptandBabylon.However,itwasnotuntilthe18thand19thcenturiesthattheterm‘letterofcredit’becamewidelyusedandrecognised.Duringthisperiod,itwascommonformerchantstoseekoutnewmarketsandtomakeuseofthetradingopportunitiesofferedbysuchmarkets.Inordertoprovidetheirclie

4、ntswithameansofobtainingcashduringtheiroverseastravels,banksintheWesternworldintroducedtheconceptofatraveller’sletterofcredit.Thisdocumentallowedbankclientstoavoidtheneedtocarrylargesumsofmoney,whichcouldbelostorstolen.Inadditiontothetraveller’sletterofcred

5、it,itwasusualforaformalletterofintroductiontobeaddressedtothebank’soverseascorrespondentoragent.Thisletter,usuallysentinadvanceoftravel,wouldindicatethattheclientwasavaluedcustomerofthebank.Itwouldalsorequestthatthecorrespondentoragentprovidetheclientwithan

6、ynecessaryassistance.©ifsUniversityCollege201511:ThehistoryanduseofdocumentarycreditsAtraveller’sletterofcredittooktheform,literally,ofaletter.Itindicatedthattheissuingbankwouldhonourbillsofexchangedrawnonitbythecorrespondentoragentinrespectofamountspaidtot

7、henamedtraveller,plusanychargesincurredbythecorrespondentoragent.Therewouldalsobeanindicationofamaximumamountthatcouldbedrawnandanexpirydate.Eachcorrespondentoragentwasrequiredtoindicateontheoriginaltraveller’sletterofcreditdetailsofamountspaidandtherelevan

8、tdates.Theclientalwaysretainedpossessionoftheoriginaldocument.Itcanthereforebeseenthattheoriginsofthedocumentarycreditlayina‘letter’providedbyabanktoacorrespondentoragent.Uponproductionofthatletter,‘cr