The difference between a Promissory Note and a Bill of Exchange is that this product is transferable and can bind one party to pay a third party that was not involved in its creation.

本票与汇票之间的差别在于这个汇票产品是可转让的，可一将钱支付给始时没有参与的。

The value of the former may be supposed always the same, or very nearly the same; and it makes, therefore, a more convenient transferable stock than the latter.

前者的价值可假设总是相同或几乎相同；因此，它是一种比后者更便的可转让股票。

CDS refers to the certificate of deposit issued by the bank with fixed denomination, transferable and current.

CDS 是指银行发行的固定面额、可转让和流通的存款凭证。