SHANGHAI (Reuters) – China should raise the costs of short-term, cross-border money flows to buffer its financial markets from speculative capital, said Zhu Min, head of the National Institute of Financial Research at Tsinghua University, as cited by the People’s Daily.

Zhu, a former deputy managing director of the International Monetary Fund, also said China should step up monitoring cross-border trading activities to maintain market stability, China’s official daily newspaper reported on Tuesday.

Against a backdrop of great economic and financial uncertainty, and with increasing links between global markets, “the volume and speed of cross-border capital flows are unprecedented,” Zhu told the newspaper in an interview.

“This will not only result in sustained fluctuations in major world currencies, but will also lead to higher volatility in global financial markets. Therefore, we must be prepared for potential risks.”

Zhu’s cautionary comments come amid signs that foreign money has been flowing into

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The $600-a-week jobless benefit supplement that Congress approved in March as part of the CARES Act has been widely credited by economists with keeping the economy functioning through the coronavirus pandemic.

With the supplement, which ended in July, most unemployed workers got more than they had earned in wages; without it, they fell short of their previous income. So did the supplement simply provide a lifeline, or did it discourage people from taking jobs?

The answer has consequences for tens of millions of Americans, particularly those on the lower end of the income ladder; for businesses trying to restore their operations; and for an economy that largely depends on the lifeblood of consumer spending.

The relief is not only a matter of contention among business owners; it is also at the center of an acrimonious debate in Congress that has held up agreement on a new aid package.

With the

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