Текст № 8 «Are countries trying to end US dollar's power?»

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.

Mark the following statements as true or false (T/F):

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

Provide the appropriate answers to the following questions based on the content of the text:

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

Translate the following sentences from Russian into English using vocabulary of the text: 

1. Министр иностранных дел России Сергей Лавров предположил, что доллар США может потерять свой статус международной резервной валюты.
2. Поскольку США ввели экономические санкции в отношении таких стран, как Иран, Турция и Россия, эти страны могут начать вести международный бизнес в своих национальных валютах вместо доллара.
3. Кроме того, страны, которым США навязали торговые тарифы, могут также начать торговать в своих собственных валютах
4. Например, такая глобальная экономическая сверхдержава, как Китай, отказавшаяся от доллара, уже заключает торговые сделки в собственной валюте.
5. Доллар США заменил британский фунт в качестве международной резервной валюты в 1920-х годах. С тех пор большая часть международной торговли осуществлялась с использованием доллара.

Read the text and mark the following statements as true or false: