READING III

Date: 2015-10-07; view: 452.

Try to figure out how the text is organized. Find the key idea of each paragraph and follow the development of them in subsequent paragraphs. Then, try to find the dominating idea of the message. Make a gist of the text supporting or refuting the dominating idea.

Crosschecking

1. Answer the questions without looking into the text, then check if your answers were correct.

What was the message of a Chinese leader? What are the major concerns as for the US monetary policy? What are the most worrying problems of the US economy? How do the surplus countries allocate their spare funds? What is the SDR? Is it likely to replace the dollar? If not, why? What was the idea of a single currency initiated by John Keynes in 1940s? Find the key idea of the text you read. Is it formulated at the very beginning of the article? Does it remain the same or is at altered closer to the end?

2. Insert the missing adjectives into the excerpt from the text:

Mr Zhou suggests that the dollar's _ _ _ _ _ _ _ status should be transferred to the SDR (Special Drawing Rights), a _ _ _ _ _ _ _ _ currency created by the IMF, whose value is determined as a _ _ _ _ _ _ _ _ average of the dollar, euro, yen and pound. The SDR was created in 1969, during the Bretton Woods _ _ _ _ _ exchange-rate system, because of concerns that there was _ _ _ _ _ _ _ _ _ _ liquidity to support _ _ _ _ _ _ economic activity. It was originally intended as a _ _ _ _ _ _ _ currency, but is now mainly used in the accounts for the IMF's transactions with member countries. SDRs are allocated to IMF members on the basis of their contribution to the fund.

Scan the text below paying attention to the following:

How is a currency valued against other currencies? What can serve as a standard of value?