The Reading / Listening - the U.S. Dollar - Level 6

Russia's Foreign Minister Sergei Lavrov has suggested that the U.S. dollar could be losing its status as the world's most important currency. Mr Lavrov said that because the U.S. has imposed economic sanctions on countries like Iran, Turkey and Russia, these countries could start conducting international business in their own national currencies instead of the dollar. In addition, 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 global economic superpower China ditching the dollar. China is already setting up trade deals in its own currency. Experts say the U.S. dollar could lose its position as the international reserve currency.



The U.S. dollar replaced the British pound as the international reserve currency in the 1920s. Since then, most international trade has taken place using the dollar. Today, when China buys oil from Iran, it pays in U.S. dollars. This means more U.S. dollars flow out of the U.S. than flow in. The effect of this is the U.S. has a currency deficit as its dollars are in the bank accounts of other countries. Mr Lavrov said: "I'm confident that the grave abuse of the role of the U.S. dollar as a global reserve currency will result over time in the weakening and demise of its role." China's currency the yuan is emerging as an alternative trading currency. Africa's most populous nation Nigeria has already started trading using the yuan.

Try the same news story at these easier levels:

    the U.S. Dollar - Level 4  or  the U.S. Dollar - Level 5

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 :-)



Warm-ups

1. THE U.S. DOLLAR: Students walk around the class and talk to other students about the U.S. dollar. Change partners often and share your findings.
2. CHAT: In pairs / groups, talk about these topics or words from the article. What will the article say about them? What can you say about these words and your life?
       US dollar / status / currency / economic sanctions / business / countries / trade tariffs
       reserve / trade / dollars / deficit / bank account / abuse / demise / alternative / China
Have a chat about the topics you liked. Change topics and partners frequently.
3. GLOBAL CURRENCY: Students A strongly believe there should be a single global currency; Students B strongly believe this is silly.  Change partners again and talk about your conversations.
4. CURRENCIES: What do you know about these currencies? Would they be good as the global currency? Complete this table with your partner(s). Change partners often and share what you wrote.

 

What do you know?

Global Currency?

Dollar

 

 

Euro

 

 

Yuan

 

 

Yen

 

 

Pound

 

 

Bitcoin

 

 

MY e-BOOK
ESL resource book with copiable worksheets and handouts - 1,000 Ideas and Activities for Language Teachers / English teachers
See a sample

5. SANCTIONS: Spend one minute writing down all of the different words you associate with the word "sanctions". Share your words with your partner(s) and talk about them. Together, put the words into different categories.
6. TRADE: Rank these with your partner. Put the most important things to trade at the top. Change partners often and share your rankings.

  • ideas
  • ships
  • electrical equipment
  • pharmaceuticals
  • oil
  • gold
  • cars
  • plastics

 

Vocabulary

    Paragraph 1

      1. suggested a. Forcibly put a restriction in place.
      2. status b. Measures or actions taken by a nation to get (force) another country to conform to an international agreement or norms of conduct. The measures are usually in the form of restrictions on trade or on participation in official sporting events.
      3. currency c. Cause people to think about something or think about a course of action.
      4. imposed d. Agreements entered into by two or more parties for their mutual benefit, especially in a business or political context.
      5. sanctions e. The relative social, professional, or other position of someone or something.
      6. ditching f. A system of money in general use in a particular country (e.g. the dollar, pound, euro, yen, etc.).
      7. deals g. Getting rid of or giving up.

    Paragraph 2

      8. replaced h. One of two or more available possibilities.
      9. flow i. Take the place of.
      10. deficit j. Move along or out steadily and continuously in a current or stream (like electricity, gas or a liquid).
      11. grave k. Use something to bad effector for a bad purpose; misuse.
      12. abuse l. Giving cause for alarm; serious.
      13. demise m. The amount by which something, especially a sum of money, is too small.
      14. alternative n. The end or failure of an enterprise or institution.

 

Before reading / listening

1. TRUE / FALSE: Read the headline. Guess if 1-8 below are true (T) or false (F).

  1. Russia said the dollar has lost its status as the global language.     T / F
  2. Russia, Turkey and Iran may start trading using their own currencies.     T / F
  3. Countries the US has imposed tariffs on could abandon the dollar.     T / F
  4. China is already using its own currency to trade.     T / F
  5. The dollar became the international reserve currency in the 1940s.     T / F
  6. If China buys oil from Iran, it pays in U.S. dollars.     T / F
  7. The USA has a currency surplus.     T / F
  8. Nigeria is continuing to do trade using the U.S. dollar.     T / F

2. SYNONYM MATCH: Match the following synonyms from the article.

  1. suggested
  2. status
  3. imposed
  4. conducting
  5. experts
  6. replaced
  7. effect
  8. deficit
  9. grave
  10. alternative
  1. serious
  2. doing
  3. specialists
  4. standing
  5. consequence
  6. shortfall
  7. indicated
  8. substitute
  9. applied
  10. took over from

3. PHRASE MATCH: (Sometimes more than one choice is possible.)

  1. losing its status as the world's most
  2. the U.S. has imposed economic
  3. had trade tariffs
  4. Experts say the U.S. dollar could
  5. ditching the
  6. international reserve
  7. when China buys oil from Iran,
  8. the U.S. has a currency
  9. the weakening and demise
  10. the yuan is emerging as an alternative
  1. imposed on them
  2. currency
  3. trading currency
  4. it pays in U.S. dollars
  5. sanctions on countries
  6. of its role
  7. lose its position
  8. dollar
  9. deficit
  10. important currency

Gap fill

Put these words into the spaces in the paragraph below.
own
trade
position
status
deals
tariffs
sanctions
ditching

Russia's Foreign Minister Sergei Lavrov has suggested that the U.S. dollar could be losing its (1) ____________ as the world's most important currency. Mr Lavrov said that because the U.S. has imposed economic (2) ____________ on countries like Iran, Turkey and Russia, these countries could start conducting international business in their (3) ____________ national currencies instead of the dollar. In addition, countries that have had trade (4) ____________ imposed on them by the U.S. could also do (5) ____________ in their own currencies. This could include the global economic superpower China (6) ____________ the dollar. China is already setting up trade (7) ____________ in its own currency. Experts say the U.S. dollar could lose its (8) ____________ as the international reserve currency.

Put these words into the spaces in the paragraph below.
deficit
place
role
demise
flow
populous
replaced
confident

The U.S. dollar (9) ____________ the British pound as the international reserve currency in the 1920s. Since then, most international trade has taken (10) ____________ using the dollar. Today, when China buys oil from Iran, it pays in U.S. dollars. This means more U.S. dollars (11) ____________ out of the U.S. than flow in. The effect of this is the U.S. has a currency (12) ____________ as its dollars are in the bank accounts of other countries. Mr Lavrov said: "I'm (13) ____________ that the grave abuse of the (14) ____________ of the U.S. dollar as a global reserve currency will result over time in the weakening and (15) ____________ of its role." China's currency the yuan is emerging as an alternative trading currency. Africa's most (16) ____________ nation Nigeria has already started trading using the yuan.

Listening — Guess the answers. Listen to check.

1) Sergei Lavrov has suggested that the U.S. dollar could be ______
     a.  lose in its status
     b.  loose in its status
     c.  lost in its status
     d.  losing its status
2)  Mr Lavrov said that because the U.S. has imposed economic ______ countries
     a.  sanctions on
     b.  suctions on
     c.  sank shuns on
     d.  sank shines on
3) conducting international business in their own national currencies ______ dollar
     a.  instead off the
     b.  instead at the
     c.  instead of the
     d.  instead as the
4)  This could include the global economic superpower China ______
     a.  stitching the dollar
     b.  hitching the dollar
     c.  pitching the dollar
     d.  ditching the dollar
5)  Experts say the U.S. dollar could lose its position as the international ______
     a.  reserves currency
     b.  preserved currency
     c.  reserve currency
     d.  preserve currency

6)  Since then, most international trade has taken ______ dollar
     a.  plaice using the
     b.  place using the
     c.  please using the
     d.  plaid using the
7)  This means more U.S. dollars flow out of the U.S. ______
     a.  that flow in
     b.  than flows in
     c.  than flow in
     d.  then flew in
8)  the U.S. has a currency deficit as its dollars are in the bank ______ countries
     a.  account of other
     b.  accounts of another
     c.  accounts of others
     d.  accounts of other
9)  Mr Lavrov said: "I'm confident that the grave abuse of the ______ U.S. dollar..."
     a.  roll of the
     b.  role of the
     c.  role off the
     d.  role of a
10)  Africa's most populous nation Nigeria has already started ______ yuan
     a.  trade in using the
     b.  trading use in the
     c.  trading in using the
     d.  trading using the

Listening — Listen and fill in the gaps

Russia's Foreign Minister Sergei Lavrov (1) ___________________ the U.S. dollar could be (2) ___________________ as the world's most important currency. Mr Lavrov said that because the U.S. has imposed economic (3) ___________________ like Iran, Turkey and Russia, these countries could start conducting international business in (4) ___________________ currencies instead of the dollar. In addition, countries that have had trade tariffs (5) ___________________ by the U.S. could also do trade in their own currencies. This could include the global economic superpower China ditching the dollar. China is already setting (6) ___________________ in its own currency. Experts say the U.S. dollar could lose its position as the international reserve currency.

The U.S. (7) ___________________ British pound as the international reserve currency in the 1920s. Since then, most international trade has (8) ___________________ the dollar. Today, when China buys oil from Iran, it pays in U.S. dollars. This means more U.S. dollars (9) ___________________ the U.S. than flow in. The effect of this is the U.S. has a currency deficit as its dollars are in the bank (10) ___________________ countries. Mr Lavrov said: "I'm confident that the grave abuse of the role of the U.S. dollar as a global reserve currency will (11) ___________________ in the weakening and demise of its role." China's currency the yuan is emerging as an alternative trading currency. Africa's (12) ___________________ Nigeria has already started trading using the yuan.

Comprehension questions

  1. What is the name of Russia's foreign minister?
  2. What did the USA impose on Turkey, Iran and Russia?
  3. What could countries like Turkey and Iran use instead of the dollar?
  4. What could the economic superpower China do to the dollar?
  5. Who said the dollar could lose its position as the reserve currency?
  6. What was the international reserve currency before the dollar?
  7. What might China buy from Iran and pay for in dollars?
  8. What does the USA have because so many dollars flow out of the US?
  9. What did the article say is emerging as an alternative trading currency?
  10. Which country has already started trading in China's currency?




Multiple choice quiz

1)  What is the name of Russia's foreign minister?
a) Anna Netrebko
b) Sergei Lavrov
c) Boris Yeltsin
d) Vladimir Putin
2)  What did the USA impose on Turkey, Iran and Russia?
a) financial ultimatums
b) taxes
c) economic sanctions
d) conditions
3)  What could countries like Turkey and Iran use instead of the dollar?
a) oil
b) gold
c) the Euro
d) their own currencies
4)  What could the economic superpower China do to the dollar?
a) print it
b) ditch it
c) buy it
d) invest it
5)  Who said the dollar could lose its position as the reserve currency?
a) experts
b) the IMF
c) the World Bank
d) Russia's president

6)  What was the international reserve currency before the dollar?
a) the British pound
b) the French franc
c) the rouble
d) gold
7)  What might China buy from Iran and pay for in dollars?
a) cars
b) gold
c) carpets
d) oil
8)  What does the USA have because so many dollars flow out of the country?
a) a trade surplus
b) a big bank
c) a currency deficit
d) fiscal reform
9)  What did the article say is emerging as an alternative trading currency?
a) the Euro
b) gold
c) the British pound
d) the Chinese yuan
10)  Which country has already started trading in China's currency?
a) India
b) Nigeria
c) Japan
d) Turkey

Role play

Role  A – Oil
You think oil is the most important thing to trade. Tell the others three reasons why. Tell them what is wrong with their things. Also, tell the others which is the least important of these (and why): gold, cars or pharmaceuticals.

Role  B – Gold
You think gold is the most important thing to trade. Tell the others three reasons why. Tell them what is wrong with their things. Also, tell the others which is the least important of these (and why): oil, cars or pharmaceuticals.

Role  C – Cars
You think cars are the most important things to trade. Tell the others three reasons why. Tell them what is wrong with their things. Also, tell the others which is the least important of these (and why): gold, oil or pharmaceuticals.

Role  D – Pharmaceuticals
You think pharmaceuticals are the most important things to trade. Tell the others three reasons why. Tell them what is wrong with their things. Also, tell the others which is the least important of these (and why): gold, cars or oil.

After reading / listening

1. WORD SEARCH: Look in your dictionary / computer to find collocates, other meanings, information, synonyms … for the words...

'dollar'

  • ________________
  • ________________
  • ________________
  • ________________
  • ________________
  • ________________
  • ________________
  • ________________
  • and 'currency'.

  • ________________
  • ________________
  • ________________
  • ________________
  • ________________
  • ________________
  • ________________
  • ________________
  • • Share your findings with your partners.

    • Make questions using the words you found.

    • Ask your partner / group your questions.

    2. ARTICLE QUESTIONS: Look back at the article and write down some questions you would like to ask the class about the text.

    •Share your questions with other classmates / groups. •Ask your partner / group your questions.

    3. GAP FILL: In pairs / groups, compare your answers to this exercise. Check your answers. Talk about the words from the activity. Were they new, interesting, worth learning…?

    4. VOCABULARY: Circle any words you do not understand. In groups, pool unknown words and use dictionaries to find their meanings.

    5. TEST EACH OTHER: Look at the words below. With your partner, try to recall how they were used in the text:

    • 1920s
    • place
    • flow
    • confident
    • role
    • most
    • status
    • start
    • also
    • ditching
    • deals
    • lose




    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 - Are countries trying to end US dollar's power?

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

    1. What did you think when you read the headline?
    2. What images are in your mind when you hear the word 'dollar'?
    3. What do you know about the U.S. dollar?
    4. What do you think about your currency?
    5. Why is the dollar the international reserve currency?
    6. Why might the dollar be losing its power?
    7. Why is the U.S. imposing sanctions on Iran, Turkey and Russia?
    8. What would happen if the dollar collapsed?
    9. Why don't all countries use their own currency for trading?
    10. Should there be one global currency?

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

    1. Did you like reading this article? Why/not?
    2. What do you think of when you hear the word 'currency'?
    3. What do you think about what you read?
    4. Should the world move to a digital currency?
    5. What do you think a 'currency deficit' is?
    6. What did Mr Lavrov mean by 'the grave abuse' of the role of the dollar?
    7. Would the economy be different if China's yuan was used for trade?
    8. Why do you think Nigeria has started using China's yuan?
    9. Why do we need currencies?
    10. What questions would you like to ask Russia's foreign minister?

    Discussion — Write your own questions

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

    (a) ________________

    (b) ________________

    (c) ________________

    (d) ________________

    (e) ________________

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

    (f) ________________

    (g) ________________

    (h) ________________

    (i) ________________

    (j) ________________





    Language — Cloze (Gap-fill)

    Russia's Foreign Minister Sergei Lavrov has (1) ____ that the U.S. dollar could be losing its (2) ____ as the world's most important currency. Mr Lavrov said that because the U.S. has imposed economic sanctions (3) ____ countries like Iran, Turkey and Russia, these countries could start conducting international business in their own national currencies (4) ____ of the dollar. In addition, 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 global economic superpower China (5) ____ the dollar. China is already setting up trade (6) ____ in its own currency. Experts say the U.S. dollar could lose its position as the international reserve currency.

    The U.S. dollar replaced the British pound as the international reserve currency in the 1920s. Since then, most international trade has taken place (7) ____ the dollar. Today, when China buys oil from Iran, it pays (8) ____ U.S. dollars. This means more U.S. dollars flow out of the U.S. than flow in. The effect of this is the U.S. has a currency (9) ____ as its dollars are in the bank accounts of other countries. Mr Lavrov said: "I'm confident that the (10) ____ abuse of the role of the U.S. dollar as a global reserve currency will result over time in the weakening and (11) ____ of its role." China's currency the yuan is emerging as an alternative trading currency. Africa's most (12) ____ nation Nigeria has already started trading using the yuan.

    Which of these words go in the above text?

    1. (a)     suggestive     (b)     suggests     (c)     suggested     (d)     suggesting    
    2. (a)     status     (b)     statues     (c)     stats     (d)     statins    
    3. (a)     on     (b)     at     (c)     from     (d)     off    
    4. (a)     instead     (b)     rather     (c)     but     (d)     part    
    5. (a)     bitching     (b)     ditching     (c)     hitching     (d)     pitching    
    6. (a)     realms     (b)     posts     (c)     casts     (d)     deals    
    7. (a)     spending     (b)     buying     (c)     using     (d)     investing    
    8. (a)     on     (b)     at     (c)     of     (d)     in    
    9. (a)     deficit     (b)     deceit     (c)     receipt     (d)     depict    
    10. (a)     grave     (b)     grade     (c)     grape     (d)     grace    
    11. (a)     poise     (b)     demise     (c)     arc     (d)     flow    
    12. (a)     populate     (b)     population     (c)     populous     (d)     popularity

    Spelling

    Paragraph 1

    1. the world's most important ucrerycn
    2. imposed economic tcnonssia on countries
    3. gundionctc international business
    4. trade fatsfir
    5. China hidcigtn the dollar
    6. the international veresre

    Paragraph 2

    1. The fftcee of this
    2. the grave busea of the role
    3. dsmeei of its role
    4. the yuan is eeimngrg
    5. as an leernittvaa
    6. Africa's most uuolspop nation

    Put the text back together

    (...)  on countries like Iran, Turkey and Russia, these countries could start conducting international
    (...)  deals in its own currency. Experts say the U.S. dollar could lose its position as the international reserve currency.
    (...)  in U.S. dollars. This means more U.S. dollars flow out of the U.S. than flow in. The effect of this is the U.S. has a currency
    (...)  the global economic superpower China ditching the dollar. China is already setting up trade
    (...)  business in their own national currencies instead of the dollar. In addition, countries that have had trade
    (...)  of the U.S. dollar as a global reserve currency will result over time in the weakening and
    (...)  tariffs imposed on them by the U.S. could also do trade in their own currencies. This could include
    (...)  most populous nation Nigeria has already started trading using the yuan.
    (...)  then, most international trade has taken place using the dollar. Today, when China buys oil from Iran, it pays
    1  ) Russia's Foreign Minister Sergei Lavrov has suggested that the U.S. dollar could be losing its status as the world's most
    (...)  demise of its role." China's currency the yuan is emerging as an alternative trading currency. Africa's
    (...)  The U.S. dollar replaced the British pound as the international reserve currency in the 1920s. Since
    (...)  deficit as its dollars are in the bank accounts of other countries. Mr Lavrov said: "I'm confident that the grave abuse of the role
    (...)  important currency. Mr Lavrov said that because the U.S. has imposed economic sanctions

    Put the words in the right order

    1. U.S.   its   could   status   .   losing   The   dollar   be
    2. The   has   imposed   countries   .   on   economic   sanctions   U.S.
    3. international  in  their  national  Conducting  currencies .  own  business
    4. on   them   .   trade   have   tariffs   that   imposed   Countries
    5. up   currency   .   deals   own   its   in   trade   Setting
    6. U.S.   means   This   out   .   flow   more   dollars
    7. of   In   countries   .   bank   other   the   accounts
    8. a   reserve   currency   .   dollar   global   U.S.   as   The
    9. yuan   alternative   emerging   is   currency   .   The   as   an
    10. has   started   the   Nigeria   yuan   .   using   already   trading

    Circle the correct word (20 pairs)

    Russia's Foreign Minister Sergei Lavrov has suggestive / suggested that the U.S. dollar could be losing its status / statues as the world's most important currency. Mr Lavrov said that because / however the U.S. has imposed economic sanctions at / on countries like Iran, Turkey and Russia, these countries could start conducting / conduction international business in their own national currencies instead / rather of the dollar. In addition, countries that have had trade tariffs imposed in / on them by the U.S. could also do trade in their owner / own currencies. This could include the global economic superpower China ditching the dollar. China is already setting up trade deal / deals in its own currency. Experts say the U.S. dollar could lose its position as / was the international reserve currency.

    The U.S. dollar replaced the British pound was / as the international reserve currency in the 1920s. Since then / that, most international trade has taken place usage / using the dollar. Today, when China buys oil from Iran, it pays in U.S. dollars. This means more U.S. dollars flower / flow out of the U.S. than flow in. The affect / effect of this is the U.S. has a currency deficit as its dollars are in / on the bank accounts of other countries. Mr Lavrov said: "I'm confident that the grave / grace abuse of the role of the U.S. dollar as / was a global reserve currency will result over / under time in the weakening and demise of its role." China's currency the yuan is emerging as an alternative trading currency. Africa's most popularity / populous nation Nigeria has already started trading using the yuan.

    Talk about the connection between each pair of words in italics, and why the correct word is correct.

    Insert the vowels (a, e, i, o, u)

    R_s s__ ' s F_r__ g n M_n_s t_r S_r g__ L_v r_v h_s s_g g_s t_d t h_t t h_ U . S . d_l l_r c__ l d b_ l_s_n g _t s s t_t_s _s t h_ w_r l d ' s m_s t _m p_r t_n t c_r r_n c y . M r L_v r_v s__ d t h_t b_c__ s_ t h_ U . S . h_s _m p_s_d _c_n_m_c s_n c t__ n s _n c__ n t r__ s l_k_ I r_n , T_r k_y _n d R_s s__ , t h_s_ c__ n t r__ s c__ l d s t_r t c_n d_c t_n g _n t_r n_t__ n_l b_s_n_s s _n t h__ r _w n n_t__ n_l c_r r_n c__ s _n s t__ d _f t h_ d_l l_r . I n _d d_t__ n , c__ n t r__ s t h_t h_v_ h_d t r_d_ t_r_f f s _m p_s_d _n t h_m b y t h_ U . S . c__ l d _l s_ d_ t r_d_ _n t h__ r _w n c_r r_n c__ s . T h_s c__ l d _n c l_d_ t h_ g l_b_l _c_n_m_c s_p_r p_w_r C h_n_ d_t c h_n g t h_ d_l l_r . C h_n_ _s _l r__ d y s_t t_n g _p t r_d_ d__ l s _n _t s _w n c_r r_n c y . E x p_r t s s_y t h_ U . S . d_l l_r c__ l d l_s_ _t s p_s_t__ n _s t h_ _n t_r n_t__ n_l r_s_r v_ c_r r_n c y .

    T h_ U . S . d_l l_r r_p l_c_d t h_ B r_t_s h p__ n d _s t h_ _n t_r n_t__ n_l r_s_r v_ c_r r_n c y _n t h_ 1 9 2 0 s . S_n c_ t h_n , m_s t _n t_r n_t__ n_l t r_d_ h_s t_k_n p l_c_ _s_n g t h_ d_l l_r . T_d_y , w h_n C h_n_ b_y s __ l f r_m I r_n , _t p_y s _n U . S . d_l l_r s . T h_s m__ n s m_r_ U . S . d_l l_r s f l_w __ t _f t h_ U . S . t h_n f l_w _n . T h_ _f f_c t _f t h_s _s t h_ U . S . h_s _ c_r r_n c y d_f_c_t _s _t s d_l l_r s _r_ _n t h_ b_n k _c c__ n t s _f _t h_r c__ n t r__ s . M r L_v r_v s__ d : " I ' m c_n f_d_n t t h_t t h_ g r_v_ _b_s_ _f t h_ r_l_ _f t h_ U . S . d_l l_r _s _ g l_b_l r_s_r v_ c_r r_n c y w_l l r_s_l t _v_r t_m_ _n t h_ w__ k_n_n g _n d d_m_s_ _f _t s r_l_. " C h_n_' s c_r r_n c y t h_ y__ n _s _m_r g_n g _s _n _l t_r n_t_v_ t r_d_n g c_r r_n c y . A f r_c_' s m_s t p_p_l__ s n_t__ n N_g_r__ h_s _l r__ d y s t_r t_d t r_d_n g _s_n g t h_ y__ n .

    Punctuate the text and add capitals

    russias foreign minister sergei lavrov has suggested that the us dollar could be losing its status as the worlds most important currency mr lavrov said that because the us has imposed economic sanctions on countries like iran turkey and russia these countries could start conducting international business in their own national currencies instead of the dollar in addition countries that have had trade tariffs imposed on them by the us could also do trade in their own currencies this could include the global economic superpower china ditching the dollar china is already setting up trade deals in its own currency experts say the us dollar could lose its position as the international reserve currency

    the us dollar replaced the british pound as the international reserve currency in the 1920s since then most international trade has taken place using the dollar today when china buys oil from iran it pays in us dollars this means more us dollars flow out of the us than flow in the effect of this is the us has a currency deficit as its dollars are in the bank accounts of other countries mr lavrov said im confident that the grave abuse of the role of the us dollar as a global reserve currency will result over time in the weakening and demise of its role chinas currency the yuan is emerging as an alternative trading currency africas most populous nation nigeria has already started trading using the yuan

    Put a slash (/) where the spaces are

    Russia'sForeignMinisterSergeiLavrovhassuggestedthattheU.S.dolla
    rcouldbelosingitsstatusastheworld'smostimportantcurrency.MrLavr
    ovsaidthatbecausetheU.S.hasimposedeconomicsanctionsoncountri
    eslikeIran,TurkeyandRussia,thesecountriescouldstartconductingint
    ernationalbusinessintheirownnationalcurrenciesinsteadofthedollar.
    Inaddition,countriesthathavehadtradetariffsimposedonthembythe
    U.S.couldalsodotradeintheirowncurrencies.Thiscouldincludetheglo
    baleconomicsuperpowerChinaditchingthedollar.Chinaisalreadysetti
    nguptradedealsinitsowncurrency.ExpertssaytheU.S.dollarcouldlose
    itspositionastheinternationalreservecurrency.TheU.S.dollarreplace
    dtheBritishpoundastheinternationalreservecurrencyinthe1920s.Sin
    cethen,mostinternationaltradehastakenplaceusingthedollar.Today,
    whenChinabuysoilfromIran,itpaysinU.S.dollars.ThismeansmoreU.S
    .dollarsflowoutoftheU.S.thanflowin.TheeffectofthisistheU.S.hasacu
    rrencydeficitasitsdollarsareinthebankaccountsofothercountries.MrL
    avrovsaid:"I'mconfidentthatthegraveabuseoftheroleoftheU.S.dolla
    rasaglobalreservecurrencywillresultovertimeintheweakeningandde
    miseofitsrole."China'scurrencytheyuanisemergingasanalternativetr
    adingcurrency.Africa'smostpopulousnationNigeriahasalreadystarte
    dtradingusingtheyuan.

    Free writing

    Write about the dollar for 10 minutes. Comment on your partner’s paper.

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    Academic writing

    The U.S. dollar should always be the international reserve currency. Discuss.

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    Homework

    1. VOCABULARY EXTENSION: Choose several of the words from the text. Use a dictionary or Google's search field (or another search engine) to build up more associations / collocations of each word.
    2. INTERNET: Search the Internet and find out more about this news story. Share what you discover with your partner(s) in the next lesson.
    3. THE U.S. DOLLAR: Make a poster about the U.S. dollar. Show your work to your classmates in the next lesson. Did you all have similar things?
    4. INTERNATIONAL RESERVE CURRENCY: Write a magazine article about not having an international reserve currency. Include imaginary interviews with people who are for and against this.
    Read what you wrote to your classmates in the next lesson. Write down any new words and expressions you hear from your partner(s).
    5. WHAT HAPPENED NEXT? Write a newspaper article about the next stage in this news story. Read what you wrote to your classmates in the next lesson. Give each other feedback on your articles.
    6. LETTER: Write a letter to an expert on the U.S. dollar. Ask him/her three questions about it. Give him/her three of your opinions on the dollar as the international reserve currency. Read your letter to your partner(s) in your next lesson. Your partner(s) will answer your questions.

    Answers

    (Please look at page 26 of the PDF to see a photocopiable example of this activity.)

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