Chiefs of China, Europe central banks hold first annual meeting, sign MoU

Chiefs of central banks of China and the Europe co-chaired the first annual governors' meeting in Beijing on Wednesday, with a memorandum of understanding (MoU) signed to enhance cooperaion.

During the meeting, Pan Gongsheng, governor of the People's Bank of China (PBOC), and Christine Lagarde, president of the European Central Bank (ECB), exchanged views on issues such as economic and financial developments in China and the euro area, developments in the international monetary system and financial regulation, and key areas for cooperation between the two institutions.

The two sides signed a MoU on cooperation in the field of central banking, which includes the establishment of a governor/president-level meeting arrangement, and a framework for the regular exchange of information, dialogue, and technical cooperation between the two institutions.

Pan noted that China remains committed to promoting high-quality development through high-standard opening-up, and stands ready to enhance cooperation with other economies, including the EU, to address global challenges.

He also stressed that the PBOC will maintain close cooperation with the ECB, making good use of the governor/president-level meeting arrangement as a key platform to strengthen policy communication and promoting cooperation between the two institutions to a new level.

Lagarde said it is important that both institutions sustain global cooperation, noting that the signing of the MoU is a demonstration of continued dialogue with the PBOC.

Chiefs of China, Europe central banks hold first annual meeting, sign MoU

Chiefs of China, Europe central banks hold first annual meeting, sign MoU

The death toll from a landfill collapse in the central Philippine city of Cebu has risen to eight by Monday morning as search and rescue operations continued for another 28 missing people.

The landfill collapse occurred on Thursday as dozens of sanitation workers were working at the site. The disaster has already caused injuries of 18 people.

Family members of the missing people said the rescue progress is slow, and the hope for the survival of their loved ones is fading.

"For me, maybe I’ve accepted the worst result already because the garbage is poisonous and yesterday, it was raining very hard the whole day. Maybe they’ve been poisoned. For us, alive or dead, I hope we can get their bodies out of the garbage rubble," said Maria Kareen Rubin, a family member of a victim.

Families have set up camps on high ground near the landfill, awaiting news of their relatives. Some people at the site said cries for help could still be heard hours after the landfill collapsed, but these voices gradually faded away.

Bienvenido Ranido, who lost his wife in the disaster, said he can't believe all that happened.

"After they gave my wife oxygen, my kids and I were expecting that she would be saved that night because she was still alive. But the night came and till the next morning, they didn't manage to save her," he said.

Death toll in central Philippine landfill collapse rises to eight