Foreign Exchange And Foreign Bills in Theory And in Practice
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This is termed buying forward exchange, and the rate is called the " forward rate." When the date arrives the sum due is paid to the Bank in Shanghai in taels, and the remit- tance is forthwith sent by cable to the bank's London branch for payment to the British exporter, or whoever else is concerned, in sterling.
Forward contracts for the purchase of bills from expor- ters from a foreign country to England serve a double purpose. They eliminate the risks of exchange both for the exporters who ...wish to have a certain fixed sum paid in exchange for their bills, and also for the importers who are under the obligation to remit by mail to the British or other exporters. For example, the Chinese exporters of the tea which arrives in England during August, know as far back as April or May that they will have to draw ENDEAVOUR TO ELIMINATE EXCHANGE RISKS 143 sterling bills on firms in London, and if the exchange quotations are favourable they will endeavour to make forward contracts with the bankers to purchase the tea bills, deliverable, say, two or three months hence.
What to read after Foreign Exchange And Foreign Bills in Theory And in Practice?
You can find similar books in the "Read Also" column, or choose other free books by Spalding, William Frederick, 1879- to read onlineMoreLess
To quickly assess the difficulty of the text, read a short excerpt:
This is termed buying forward exchange, and the rate is called the " forward rate." When the date arrives the sum due is paid to the Bank in Shanghai in taels, and the remit- tance is forthwith sent by cable to the bank's London branch for payment to the British exporter, or whoever else is concerned, in sterling.
Forward contracts for the purchase of bills from expor- ters from a foreign country to England serve a double purpose. They eliminate the risks of exchange both for the exporters who ...wish to have a certain fixed sum paid in exchange for their bills, and also for the importers who are under the obligation to remit by mail to the British or other exporters. For example, the Chinese exporters of the tea which arrives in England during August, know as far back as April or May that they will have to draw ENDEAVOUR TO ELIMINATE EXCHANGE RISKS 143 sterling bills on firms in London, and if the exchange quotations are favourable they will endeavour to make forward contracts with the bankers to purchase the tea bills, deliverable, say, two or three months hence.
What to read after Foreign Exchange And Foreign Bills in Theory And in Practice?
You can find similar books in the "Read Also" column, or choose other free books by Spalding, William Frederick, 1879- to read onlineMoreLess
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