Xinhua world economic news summary at 0900 GMT, July 29

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WASHINGTON -- U.S. Senate Republicans' newly released 1-trillion-U.S. dollar COVID-19 relief proposal has drawn backlash from lawmakers and economists, and the country's two parties are still far from reaching a deal days before an extra unemployment benefit expires.

As part of the 2.2-trillion-dollar coronavirus relief bill passed in late March, Congress agreed to provide 600-dollar federal unemployment benefits per week on top of state unemployment benefits, which are set to expire at the end of July. (US-Relief Package-Unemployment)

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HONG KONG -- Hong Kong has the capability of fending off financial volatility with its stable financial system and cautious regulation, Joseph Yam Chi-kwong, former chief executive of the Hong Kong Monetary Authority, said Wednesday.

Speaking at an online forum of Our Hong Kong Foundation, Yam said Hong Kong can weather out external challenges, including what he called "a possible third wave of financial crisis." Yam currently is a member of the Executive Council of the Hong Kong Special Administrative Region. (Hong Kong-Finance)

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BERLIN -- The labor market barometer of the German Institute for Employment Research (IAB) rose by 3.1 points, compared to the previous month, to 97.8 points in July, the IAB announced on Tuesday.

After a slight rise of 0.8 points in June, the IAB indicator made "a great leap upwards" in July, the research institute of Germany's Federal Employment Agency (BA) noted. In April, the labor market barometer had plummeted to 93.5 points, the lowest value in its history. (Germany-Employment-Labor Market) Enditem

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