The Reading / Listening - the U.S. Dollar - Level 5

Russia's foreign minister suggested that the U.S. dollar could lose its status as the world's leading currency. He said that because the U.S. has put sanctions on Iran, Turkey and Russia, these countries could start doing business in their own currencies instead of the dollar. Countries that have had trade tariffs imposed on them by the U.S. could also do trade in their own currencies. This could include the economic superpower China not using the dollar. China is already doing trade deals in its own currency. Experts say the dollar could lose its role as the international reserve currency.



The U.S. dollar became the international reserve currency in the 1920s. Most international trade now takes place using it. If China buys oil from Iran, it pays in dollars. This means billions of dollars flow out of the USA. This gives the USA a currency deficit as its dollars are in other countries. Russia's foreign minister said: "I'm confident that the grave abuse of the role of the U.S. dollar as a global reserve currency will result...in the...demise of its role." China's currency the yuan is emerging as a new trading currency. Africa's most populous nation Nigeria has already started using it.

Try the same news story at these levels:

    the U.S. Dollar - Level 4 or  the U.S. Dollar - Level 6

Sources
  • https://www.forbes.com/sites/charleswallace1/2018/08/14/are-russia-and-china-trying-to-kill-king-dollar/#32c9c9c57948
  • https://www.rt.com/business/436005-dollar-turkey-russia-china-trade/
  • https://www.presstv.com/Detail/2018/08/15/571242/US-dollar-Nigeria-Iran-Russia-Turkey-China-sanctions


Make sure you try all of the online activities for this reading and listening - There are dictations, multiple choice, drag and drop activities, crosswords, hangman, flash cards, matching activities and a whole lot more. Please enjoy :-)



Phrase Matching

Paragraph 1

  1. Russia's foreign
  2. the U.S. dollar could
  3. the U.S. has put sanctions
  4. start doing business in
  5. trade
  6. economic
  7. doing trade
  8. the international reserve
  1. superpower
  2. on Iran
  3. tariffs
  4. deals
  5. their own currencies
  6. minister
  7. currency
  8. lose its status

Paragraph 2

  1. international
  2. billions of dollars flow out
  3. Russia's foreign
  4. the grave
  5. the demise
  6. the yuan is emerging as a
  7. Africa's most populous
  8. Nigeria has already
  1. abuse
  2. nation
  3. trade
  4. started using it
  5. of the USA
  6. minister
  7. new trading currency
  8. of its role

Listening — Listen and fill in the gaps

Russia's foreign minister suggested that the U.S. dollar could (1) ___________________ as the world's leading currency. He said that because the U.S. has (2) ___________________ Iran, Turkey and Russia, these countries could start doing business in (3) ___________________ instead of the dollar. Countries that have had trade (4) ___________________ them by the U.S. could also do trade in their own currencies. This could include the economic superpower China not using the dollar. China is already (5) ___________________ in its own currency. Experts say the dollar could lose (6) ___________________ the international reserve currency.

The U.S. dollar became the international (7) ___________________ the 1920s. Most international trade now (8) ___________________ it. If China buys oil from Iran, it pays in dollars. This means billions of dollars flow out of the USA. This gives the USA (9) ___________________ as its dollars are in other countries. Russia's foreign minister said: "I'm confident that the (10) ___________________ the role of the U.S. dollar as a global reserve currency will result...in (11) ___________________ its role." China's currency the yuan is emerging as a new trading currency. Africa's most populous nation Nigeria has already (12) ___________________.

Put a slash (/) where the spaces are

Russia'sforeignministersuggestedthattheU.S.dollarcouldloseitsstat
usastheworld'sleadingcurrency.HesaidthatbecausetheU.S.hasputs
anctionsonIran,TurkeyandRussia,thesecountriescouldstartdoingbu
sinessintheirowncurrenciesinsteadofthedollar.Countriesthathaveha
dtradetariffsimposedonthembytheU.S.couldalsodotradeintheirown
currencies.ThiscouldincludetheeconomicsuperpowerChinanotusing
thedollar.Chinaisalreadydoingtradedealsinitsowncurrency.Expertss
aythedollarcouldloseitsroleastheinternationalreservecurrency.The
U.S.dollarbecametheinternationalreservecurrencyinthe1920s.Most
internationaltradenowtakesplaceusingit.IfChinabuysoilfromIran,itp
aysindollars.ThismeansbillionsofdollarsflowoutoftheUSA.Thisgivest
heUSAacurrencydeficitasitsdollarsareinothercountries.Russia'sforei
gnministersaid:"I'mconfidentthatthegraveabuseoftheroleoftheU.S.
dollarasaglobalreservecurrencywillresult...inthe...demiseofitsrole."
China'scurrencytheyuanisemergingasanewtradingcurrency.Africa's
mostpopulousnationNigeriahasalreadystartedusingit.

Student survey

Write five GOOD questions about this topic in the table. Do this in pairs. Each student must write the questions on his / her own paper. When you have finished, interview other students. Write down their answers.

(Please look at page 12 of the PDF to see a photocopiable example of this activity.)

Discussion — Write your own questions

STUDENT A’s QUESTIONS (Do not show these to student B)

(a) ________________

(b) ________________

(c) ________________

(d) ________________

(e) ________________

(f) ________________

(g) ________________

(h) ________________

STUDENT B’s QUESTIONS (Do not show these to student A)

(i) ________________

(j) ________________

(k) ________________

(l) ________________

(m) ________________

(n) ________________

(o) ________________

(p) ________________





Free writing

Write about this topic for 10 minutes. Comment on your partner’s paper.

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Answers

(Please check your answers against the article above.

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