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Bai Giang Thanh Toan Ngan Hang
Bai Giang Thanh Toan Ngan Hang
Mon hoc Thanh toan quoc te la mon hoc mang tnh tac nghiep rat cao, la mon hoc nghiep vu chnh cu a sinh vien chuyen nganh Ngan hang va Ngoai thng, la mon bo tr cho sinh vien cac chuyen nganh kinh te khac. Mon hoc TTQT giup sinh vien tm hieu chuyen sau ve cac lnh vc: ty gia hoi oai, th trng hoi oa i, cac nghiep vu kinh doanh ngoai te (Spot, Arbitrage, Forward, Swap, Options, Futures Market), cac phng tien thanh toa n quoc te (Bill of exchange, Cheque, Payment Card), cac phng thc thanh toan quoc te (T/T, D/P, D/A, CAD, D/C, L/C). Sinh vien co the thc hie n cac ky thuat nghiep vu cu a mot nhan vien phong kinh doanh quo c te cua doanh nghiep, thanh toan vien cua phong thanh toan quoc te, dealer cua phong kinh doanh ngoai te
Tai lieu tham khao: Thanh toan quoc tenam 2003. Chu bien: PGS.TS -Tran Hoang Ngan Muc luc: Chng mot: Hoi oai Chng hai: Phng tien thanh toan quoc te Chng ba: Phng thc thanh toan quoc te
Chng mot
1. Khai niem:
I.TY GIA HOI OAI ( Foreign Exchange Rate FX) Ty gia hoi oai la gia ca cua mot n v tien te nc nay c the hien bang so lng n v tien te nc khac. V du: Ngay 19/09/2005, tren th trng hoi oai quoc te ta co thong tin: 1USD = 111.50 JPY ( Japanese Yen) 1GBP = 1.8005 USD ( United States dollars) 1USD= 1.2780 CHF ( Confederation Helvetique Franc), 1 AUD = 0.7625 USD GBP (Great Britain Pound)
Phng phap bieu th th hai (Indirect quotation-Volume quotation-gian tiep) 1 noi te = y ngoai te
Phng phap yet gia nay ap dung mot so nc: Anh, My, Uc, EU
3.Mot so quyn tecXXX giao dch hoi oai : trong Ky hieu tie quo o : ong Viet Nam (VND ),c tela My (USD), Bang Anh (
GBP ), Yen Nhat ( JPY ), Bat Tha i Lan (THB) Tham khao Web site: www.exchangerate.com, www.yahoo.com/finance, www.forexdirectory.net, www.saxobank.com, www.forex.com, www.forexnews.com, www.forexpoint.com, www.info-forex.com, xem phu luc 1 trang 21.
Cach viet ty gia : 1 A = x B hoac A/B = x Ty gia 1USD = 110 JPY ta co the viet USD/JPY = 110 hoac la 110 JPY/USD. A/B = 1/B/A 1EUR=1.2140 USD USD/EUR = 1/EUR/USD= 0.8237
Phng phap oc ty gia (Ngon ng trong giao dch ho i oa i quo c te) V nhng ly do nhanh chong, chnh xac va tiet kiem, cac ty gia khong bao gi c oc ay u tren th trng, ma ngi ta th ng oc nhng con so co y ngha. Cac con so ang sau dau pha y c oc theo nhom hai so. Hai so thap phan au tien c goi la so (figure), hai so ke tiep go i la ie m (point). Trong v du o th so la 40, iem la 60. Nh va y, ta tha y ty gia mua va ty gia ban co khoang chenh lech ( tieng Anh goi la: Spread), thong thng vao khoang 5 e n 20 ie m.
Ty gia
BID
ASK
USD/CHF = 1.2650 --1.2660 MUA USD BAN USD BAN CHF MUA CHF Lu y: - so nho la gia mua ong tien yet gia (USD) va la gia ban ong tien nh gia (CHF). - so ln la gia ban ong tien yet gia (USD) va la gia mua ong tien nh gia (CHF).
b. He thong ty gia Bretton Woods: Hoi ngh Bretton Woods : Do anh hng cua chien tranh the gii lan th hai 1939-1945, tnh hnh tai chnh tien te cua cac nc TBCN hon loan . V vay co the vach ra mot trat t kinh te quoc te mi phu hp vi ieu kien hien tai, cac nc My , Anh va mot so nc ong minh cua ho a hop tai Bretton Woods , New Hampshire (cach Boston 150 km). Hoi ngh keo dai t ngay 1/7/1944 en ngay 20/7/1944 di s lanh ao cua J.M Keynes va H.D White, 44 quoc gia tham d hoi ngh a i en thoa thuan :
Thanh lap Quy Tien te Quoc te IMF - International Monetary Fund- (Website: www.imf.org ) Ngan hang the gii WB - The World Bank Group (Website: www.worldbank.org) - Ngan hang Tai thiet va Pha t trien Quoc te ( IBRD ) The International Bank for Reconstruction and Development - Hiep hoi Pha t Trien Quoc te ( IDA ) The International Development Association - Cong ty Tai chnh Quoc te ( IFC ) The International Finance Corporation - Cong ty am lanh au t a bien ( MIGA ) The Multilateral Investment Guarantee Agency - Trung Tam Hoa Giai Tranh Chap au T Quoc te ( ICSID ) The International Centre for Settlement of Investment Disputes
Hnh thanh he thong ty gia hoi oai Bretton Woods (The gold exchange standard) 1946-1973 : Ty gia hoi oai chnh thc cua cac nc c hnh thanh tren c s so sanh vi ham lng vang chnh thc cua ola My (0,888671g35USD/ ounce) va khong c phep bien ong qua pham vi x% (luc bay gi la 1%) cua ty gia chnh thc a ang ky tai IMF. Nam 1971 (15/08/1971 tong thong My Nixon tuyen bo pha gia USD, x=2.25%), nam 1973 IMF chnh thc huy bo c che ty gia Bretton Woods.
Ty gia co nh (Fixed Exchange rate): la ty gia khong bien ong thng xuyen, khong phu thuoc vao quy luat cung ca u, phu thuoc va o y muon chu quan cua chnh phu,(103nc) 1998 Malaysia thc hien c che ty gia co nh cho ong ringgit (MYR)21/07/05 tha no i. Ty gia tha noi t do va ty gia tha no i co quan ly- ty gia linh hoat (Flexible exchange Rate Regimes): Ty gia tha noi t do (Freely Floating Exchange rate): Ty gia tha noi t do la c che ty gia ma theo o gia ca ngoai te se do cung ca u quyet nh va khong co s can thiep cua chnh phu (hoac can thiep thong qua cac cong cu ta i chnh tien te).(40 nc)
Ty gia tha noi co quan ly (Managed Float exchange rate) La ty gia tha noi nhng co s can thiep cua chnh phu. Chnh phu ((NHTW) s dung cac cong cu tai chnh tien te hoac cong cu hanh chnh e tac ong len ty gia hoi oai phu c vu cho chien lc chung cua nc mnh (43 nc). Vao luc 19h ngay 21/07/2005 sau 11 nam gan nh co nh ty ga 1USD= 8.28CNY, Trung Quoc a quyet nh nang gia CNY 2.10%, 1USD= 8.11CNY, TQ co d tr ngoai te th nh the gii 711 ty USD (cuoi thang 6/2005), toc o tang GDP bnh quan trong 10 nam qua +8.6%. CNY ra i t thang 12/1948, giai oan 19531972 ty gia 2.42CNY/USD, 1996-2005 ty gia 8.28 CNY/USD
Ty gia tha no i tap the : No i ba t nhat la he thong tien te Chau Au (EMSEuropean Monetary System 1978). Ngay 09/05/1978 Ngh vien Chau Au phe chuan danh sach 11 n c u tieu chuan gia nhap EU 11: c , Phap , Ailen , Ao , B , Bo ao Nha , Ha Lan , Y , Lucxembua , Phan Lan , Tay Ban Nha ( va vao ngay 01/01/2001 co ca Hy Lap EU 12) . Ngay 01/01/1999 EURO chnh thc ra i vi ay u t cach cua mot o ng tien thc, chung va duy nhat cho ca khoi EU 12 C che ty gia hoi oai cua Viet Nam: (tham khao sach Thanh toan quo c te trang 18-21) 1955 1CNY =1470 VND, 1985 1USD=18VND,1988 1USD=3000VND, 2005 1USD= 15780VND)
5. Nhng nhan to anh hng en s bien ong cua ty gia hoi oai:
Lam phat ty gia hoi oai Can can thanh toan quoc te ty gia hoi oai Mot so nhan to kha c nh : S ieu chnh cac chnh sach tai chnh tien te - lai suat, cac s kien kinh te, xa hoi, chien tranh, thien tai, s bien ong cua cac ch so thong ke ve viec lam - that nghie p - tang trng kinh te (GDP- Gross domestic product- TSP trong nc)
a. Lien quan gia ty gia hoi oai vi ty le lam phat -Lam phat la g? Lam phat la s suy giam sc mua cua tien te va uc o lng bang ch so gia ca chung ngay cang tang len. Nam 2002, ch so gia tieu dung VN (CPIConsumer price index) tang 4 % so vi cuoi nam 2001. Nam 1998 la 9.2%, nam 1999 la 0.1%, nam 2000 la 0.6%, nam 2001 la 0.8%, nam 2003 la 3%, 9.5% nam 2004. Ty le lam phat trong nam tai My la 2.7%, Nhat -0.1%, EU 2.1%, chau A la 3%.
Ly thuyet ong gia sc mua (Ricardo Cassel) 3P (Purchasing Power Parity-Ricardo -17721823). Vi gia thiet trong mot nen kinh te canh tranh lanh manh, tc la trong o cc ph van chuyen, thue hai quan c gia nh bang khong . Do o neu cac hang hoa eu ong nhat th ngi tieu dung se mua hang nc nao ma gia that s thap . Cung theo gia thiet o , mot kien hang X Canada gia 150 CAD va cung kien hang X o My gia 100 USD th ty gia hoi oai se chuyen en mc la :
USD 150 CAD (Gia ca hang hoa X tai Canada) ----- = --------------------------------------------------=1.50 CAD 100 USD (Gia ca hang hoa X tai My)
Tck = Tk (1+ LPb) (1+ LPa) Tck-Tk = LPb - LPa T 1+ LPa %TG = % LP . a la ong tien yet gia . b la ong tien nh gia .Tk la ty gia au ky .Tck la ty gia cuoi ky .LPa la lam phat tai quoc gia ong tien a .LPb la lam phat tai quoc gia ong tien b
b. Tnh hnh d tha hay thieu hut cua can can thanh toan : Neu can can thanh toan thng xuyen tham hut (chi > thu), th d tr ngoai te cua quoc gia se giam, tnh hnh ngoai te cang thang, t o tao ra nhu ca u ngoai te tang len, gia ngoai te tang. Neu can can thanh toa n thang d, (thu > chi), d tr ngoa i te tang, cung ngoai te tren th trng tang, gia ngoai te co khuynh hng giam .(12-19/09/04 thong tin Reuter cho biet can can vang lai cua My tham hut tren 166.18 ty USD trong quy 2 > d kien 155 ty USD>> gia USD gia m manh tren th trng the gii
c. Mot so nhan to khac nh :S ieu chnh cac chnh sach tai chnh tien te , cac s kien kinh te , xa hoi, chien tranh , thien tai , s bien ong cua cac ch so thon g ke ve viec lam- that nghiep- tang trng kinh te. ac biet la cac ch so va cac s kien tai My se anh hng en ty gia hoi oai tren th trng the gii. Cu the la cac nhan to : Ch so that nghiep tang , giam trong thang . Ch so ban le Viec tang lai suat hay giam lai suat cua Ngan hang trung ng va nhng d bao cua th trng ve lai suat, ty gia . Ket qua cac hoi ngh G7, EU, Asean San lng cong nghiep, GDP, GNI Tom lai : Khi ty gia c tha noi th no rat nhay cam vi nhng s kien kinh te, chnh tr, xa hoi, chien tranh ke ca cac yeu to tam l
6. Cac loai ty gia hoi oai: a. Ty gia chnh thc : b. Ty gia kinh doanh cua Ngan hang thng mai: Ty gia mua ban ngoai te mat Ty gia ngoai te chuyen khoan
von ha ng VN tren san tau gia c.Ty gia xuat khau = Ngoa i te thu c theo gia FOB tai cang VN gia ban hang nhap tai cang VN d. Ty gia nhap khau= Ngoa i te chi tra theo gia CIF tai cang VN
e. Ty gia ong ca, m ca, cao nhat, thap nhat d. Ty gia tnh cheo f. Ty gia danh ngha, ty gia thc
II. TH TRNG HOI OAI (Le Marche des changes, Foreign Exchange Market) 1. Khai niem : Th trng hoi oai la ni thc hien viec mua ban cac ngoai te va phng tien chi tra co gia tr nh ngoai te, va gia ca ngoai te c xac nh tren c s cung cau.
Th trng hoi oai phan ln c mua ban qua th trng OTC (Over The Counter), th trng vo hnh, mua ban qua ien thoai, telex, mang vi tnh Ngay 16/08/1991 Thong oc Ngan hang Nha nc ban hanh quyet nh so 107/NHQD ve viec to chc va hoat ong cua Trung tam giao dch ngoai te tai TP.HCM va Ha Noi. Ngay 29/09/1994 Thong oc Ngan hang Nha nc ky quyet nh so 203/Q-NH ban hanh quy che to chc va hoat ong cua Th trng ngoai te lien Ngan hang (xem Phu luc 2 trang 52).
Nghie p vu Spot la hoat ong mua ban ngoai te ma theo o viec chuyen giao ngoai te c thc hien ngay, theo ty gia a c thoa thuan.
Acbt la mot loai nghiep vu hoi oai nham s dung mc chenh lech ty gia gia cac th trng hoi oai e thu li nhuan. Tc la mua ni re nhat va ban ni mac nhat.
TK = TS x
1+KLB 1+KLA
Trong o: A la ong tien yet gia, B la ong tien nh gia. TK la ty gia co ky han cua ong tien A so vi ong tien B. K la thi han thoa thuan (ngay, thang, nam). LA la lai suat cua ong tien A (ngay, thang, nam). LB la lai suat cua ong tien B (ngay, thang, nam). TS la ty gia giao ngay (A/B= x).
FORWARD RATE = SPOT RATE + SWAP COST TK = TS + TS x K x (LB - LA) Khi LB > LA TK > TS, phan doi ra c goi la iem gia tang (Report, Premium). Khi LB < LA TK < TS chenh lech c goi la iem khau tr (Deport, Discount). LB = LA TK = TS VN, ap dung theo QD 648/NHNN ngay 28/05/04
5. Nghiep vu quyen chon (options) 5.1Call Option a. Ngi(Quyen chonnmua) mua quyen cho mua (Buyer Call
Option) (Long Call) Ngi mua call option phai tra cho ngi ban call mot khoan chi ph va do o ngi mua co c quyen mua, nhng khong bat buoc phai mua mot lng ngoai te (hang hoa, chng khoan) nhat nh, theo mot ty gia a nh trc vao mot ngay xac nh trong tng lai hoac trc ngay o.
b. Ngi ban quyen chon mua (Seller Call option) (Short call) Ngi ban call option nhan c tien t ngi mua call nen phai co trach nhiem ban mot so ngoai te nhat nh (hang hoa , chng khoan), theo mot gia a nh trc tai mot nga y xac nh trong tng lai hoac trc nga y o khi ngi mua muon thc hien quyen mua cua no . American style- c thc hien bat ky thi iem nao trong khoa ng th i gian cua hp ong European style- ch c thc hien quyen chon vao ngay ao han cua hp ong.
(Long put) Ngi mua put option phai tra cho ngi ban put mot khoan chi ph va do o ng i mua co c quyen ban, nhng khong ba t buoc phai ban mo t lng ngoai te (hang hoa, chng khoan) nhat nh, theo mot ty gia a nh trc vao mot ngay xac nh trong tng lai hoac trc ngay o. American style- c thc hien bat ky thi ie m nao trong khoang thi gian cua hp o ng European style- ch c thc hien quyen chon vao ngay ao ha n cu a hp ong.
b. Ngi ba n quyen cho n ban (Seller put option) (Short put) Ngi ban put option nhan c tien t ngi mua put nen phai co trach nhiem mua mot so ngoai te (hang hoa, chng khoan) nhat nh, theo mot gia a nh trc tai mot ngay xac nh trong tng lai hoac trc ngay o khi ngi mua muon thc hien quyen ban cua no. Gia option (premium) phu thuoc vao nhieu nhan to: ty gia giao ngay (Spot rate), ty gia thoa thuan tren h p ong (Strike), thi ha n tho a thuan (maturity), ty gia ky han (Forward rate), lai suat cua cac ong tien giao dch, phng sai. Premium the price of an option
Li
Ngi mua call option 15920 15900 Ty gia (VND/USD) Ngi ban call option
Lo
Li
Ty gia (VND/USD)
Lo
Th trng giao sau co mot so ac iem sau ay: c thc hien tai quay giao dch mua ban cu a th trng, thong qua moi gii (Broker). Ngi mua va ng i ban khong can biet nhau. Phan ln cac hp ong giao sau thng c ket thuc trc thi ha n, trong khi hp ong co ky ha n (Forward) th a so cac hp ong eu c thanh toan bang vie c giao ha ng chnh thc. Hp ong giao sau ch co bon ngay co gia tr trong nam (4 value date per year): Nga y th t tuan th ba, thang ba, thang sau, tha ng chn va thang mi hai. The third Wednesday of March, June, September, december. Ben tng ng (counterpart) khong pha i la Ngan ha ng ma la quay giao dch. Nhng nha au t phai ky quy cho quay giao dch th trng (margin) 5% tr gia hp ong.
Cac khoan li lo (loss or profit) c ghi nhan va phan anh hang nga y vi clearing house (Phong thanh toan bu tr). Th trng giao sau quy nh kch c cho mo t n v hp ong (fixed amount per contract). 100.000 AUD, 100.000 CAD, 125.000 CHF, 62500 GBP, 1250.000 JPY (USD la ong tien nh gia)
Hp ong (Contract) GBP/USD CHF/USD Kch c (Size) 62.500 GBP 125.000 CHF C tch Gia tr cua mot tch (Tick size) (Value of 1 tick) 0,0001 6,25 USD 0,0001 12,50 USD
V du: Neu khach hang co khoan giao dch la 250.000 GBP (tc la 4 hp ong) va neu ty gia giao ong t 1,7960 len 1,7970 th khoan chenh lech bang USD se la: - 250.000 GBP x 0,0010 USD/GBP = 250 USD. - 62500GBP x4x 0,0010 USD/GBP = 250 USD. Hoac = 4 x10 x 6,25 = 250 USD. Tai Viet Nam cac hp ong Futures mi bat au thong qua cac NHTM
LiBor (London interbank offered rate), PiBor, NiBor, FiBor, SiBor, ZiBor, Tibor
resistance
support
downtrendline uptrendline
Neck line
Neck line
flag
pennant