Land-for-debt swap called 'groundless'

Beijing dismissed media speculation that Venezuela would give China a famous resort island to defray debt incurred by falling oil prices, calling the reports "groundless".

The steep fall in global oil prices - nearly 40 percent since mid-June - led to increased speculation that Venezuela, a major oil exporter, would have difficulty servicing its debt.

Capital and interest repayments by Venezuela on loans given by China are "going on normally", China confirmed on Thursday.