The empirical ccausality tests be- tween Non-deliverable Forward(NDF)and spot rate are done.
通过对离岸人民币非交割远期(NDF)和即期汇率的因果关系检验表明:改革后,境内现汇市场显现出本土信息优势,表现为即期汇率引导1月和1年期NDF;1月期NDF引导即期汇率,1年期NDF不引导即期汇率,表明参与1月期NDF是以套期保值的投资者为主,1年期是投机者为主。
With the help of the unit root test, cointegration test and Granger Causality test of the exchange rate between reform in exchange rate in 2005 to April, 2007, the authors find out that, in the long run, there is a cointegrate relation between the spot and forward exchange rate of RMB, which demonstrates that the forward exchange rate market is the basis for the spot exchange rate market.
汇率改革以来,人民币汇率波动日益频繁,本文对2005年汇率改革后至2007年4月的汇率数据进行了单位根、协整检验以及格兰杰因果检验,认为人民币即期汇率与远期汇率存在长期协整关系,说明即期汇率市场是远期汇率市场的基础;同时还认为我国远期汇率对即期汇率的预期作用很弱,外汇市场的市场化程度不高。
Draft ( bill ) at sight; sight draft ( bill )
见票即付、即期汇票
demand draft; sight draft
即期汇票(会计学)
demand draft buying
即期汇票银行买入价格
"A bill is payable on demand which is expressed to be payable on demand, or at sight, or on presentation; or in which no time for payment is expressed."
即期汇票指载明即期付款，或见票即付或提示即付之汇票；或未载明付款日期之汇票。
If the bill must be paid immediately, it is known as a Sight Bill.
如汇票上规定必须立即付款，则该汇票就被称作即期汇票。
"Where a bill is not payable on demand, the day on which it falls due is determined as follows--"
汇票如非即期汇票，其到期日应决定如下——
"where the bill is not payable on demand, presentment must be made on the day it falls due;"
如非即期汇票，须于到期日作付款提示；
"where the bill is payable on demand, then, subject to the provisions of this Ordinance,"
如属即期汇票，除本条例另有规定外，
We usually demand payment by L/C available by draft at sight.
一般说来，我们要求凭即期汇票付款。
What if the sale is made on the basis of sight draft?
以即期汇票为基础的销售是怎样的呢?
Sight Draft drawn on the issuing Bank.
向开证行索款的即期汇票。
by sight draft against presentation of shipping documents.
凭即期汇票及相应的运输单据。
Are the expressions of sight draft, time draft, usance and letter of credit adequate terms to express the different methods of payment?
即期汇票、定期汇票、远期汇票和信用状这些专用语，足以表现各种不同的付款方式吗？
"are the expressions of sight draft, time draft, usance draft and letter of credit adequate terms to express the different methods of payment!"
即期汇票、定期汇票、远期汇票和信用证等专用语是否足以表述各种不同的付款方式呢?
The Buyer should make immediate payment agai t the presentation of the draft i ued by the Seller.
例2：买方应凭卖方开具的即期汇票于见票时立即付款。
We'll give you a five percent price reduction if you agree to make payment by sight draft.
如你方同意用即期汇票支付货款，我们可降低5%。
Usance bill drawn hereunder are to be negotiated at sight.
下面开具的远期汇票采取见票即付。
Usance draft to be negotiated at sight basis, interest is for Buyers account.
远期汇票按即期议付，利息由买方承担。