China, Mongolia renew bilateral currency swap agreement

The People's Bank of China (PBOC) and the Bank of Mongolia have recently renewed a bilateral currency swap agreement, the PBOC said Friday.

The size of the agreement is 15 billion yuan (over 2 billion U.S. dollars), or 7.85 trillion Mongolian tugrik, and the agreement is valid for three years, according to the PBOC.

The renewal will help further deepen financial cooperation between China and Mongolia, promote bilateral economic and trade exchanges, and maintain financial market stability, the Chinese central bank said.

A large number of rescuers are racing against time to save survivors from the rubble in La Guaira state, the worst-hit region by the two powerful earthquakes that struck Venezuela on Wednesday.

The twin quakes, measuring magnitude 7.2 and 7.5, struck central Venezuela less than a minute apart on Wednesday, according to the U.S. Geological Survey (USGS).

Venezuelan National Assembly President Jorge Rodriguez said Saturday that the death toll from the quakes had risen to 1,430, with 3,238 people injured and 3,142 families affected by the disaster.

La Guaira has been placed under military control. Access roads to the coastal state have been strictly restricted to emergency vehicles only, with civilian traffic barred to ensure unimpeded passage for rescue convoys, military trucks, and volunteer aid groups.

In one of the most dramatic scenes of destruction, an eight-story hotel with over 100 guest rooms in La Guaira has almost entirely collapsed, with only the entrance structure standing amid the debris.

Heavy machinery and a large number of rescuers are working at the site, where an estimated 20 to 30 people are believed to be trapped beneath the ruins -- most of them hotel staff.

"We estimate that 20 to 30 people are still trapped under the rubble. The number is significant. We also need to recover the deceased as quickly as possible," said a local official.

Authorities have called on the public to avoid traveling to the disaster zone to prevent clogging rescue routes, which are vital for delivering supplies and transferring the wounded to hospitals.