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ContentsLesson One International Trade1Lesson Two International Movement of Currency....13Lesson Three The Eurodollar Market……16Lesson Four Foreign Exchange...................38Lesson Five Exchange Control...............Lesson Six Letter of Credit (Part One).......72Lesson Seven Letter of Credit (Part Two)......85Lesson Eight How Bank Works................98Lesson Nine Banking Services to Exporters(Part One)117Lesson Ten Banking Services to Exporters(Part Two)131Lesson Twelve Insurance Documents.................172Lesson Thirteen The People's Insurance Company of ChinaOcean Marine Cargo Clauses ....186Lesson Fourteen Marine Insurance,……Lesson Fifteen Kinds of Marine Insurance ............2114LessonOneTextInternational TradeWe all know that international trade is important toBritain.Most of us know the reason why.In order to intainthe population at current standards of living or better,we needto import about half of all our food requirements and most ofour industrial raw terials.Thus one-third of our expenditure isutilised on buying,that is importing goods from abroad.Beforewe can spend,we must earn.In order to earn we must sell or ex-port articles of similar value,usually nufactured goods or serv-ices,to people in the rest of the world.Although all in size and with less than 2%of the world'spopulation,Britain is still one of the world's jor trading na-tions,along with the U.S.A.,Gerny and Japan.Our countryshould be considered,in fact,as a stallholder in a worldwiderket place.In any rket,currency usually changes hands unless thegoods are bartered.However,in international trade eachstallholder has a different nationality.Money,whether the Eng-lish pound or the French franc,is only a national medium of ex-changes.The French franc isn't of much use to an English Ex-porter who has sold a tractor to a Frenchn unless,1
