Almost 20,000 people are dead and the number is said to be approaching 50,000 in a few days. It was the worst disaster in 30 years in China. Hopefully more people can be saved with more financial supports and may the victims rest in peace.

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For those who are looking to contribute to current aid efforts underway, you can now donate money to the Red Cross Society of China which has formed a disaster relief working group to be dispatched to the earthquake-stricken Wenchuan County in Sichuan.

They have also published an emergency relief hotline, along with bank account information to receive donations to assist their cause:

Account name: Red Cross Society of China
开户单位: 中国红十字会总会

For those who want to donate in RMB: you can send money to the RMB account at the Industrial and Commercial Bank of China branch below:
人民币开户行: 中国工商银行 北京分行东四南支行
人民币账号: 0200001009014413252

For those who want to donate in foreign currency, you can send money to the foreign currency account at the CITIC Bank branch below:
外币开户行：中信银行酒仙桥支行
外币账号: 7112111482600000209

Hotline: (8610) 65139999
Online donations: Red Cross Society of China website: [link]
Click the tab for online donations

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Since [link] seems to be down by excessive amount of accesses. You can try American Red Cross too.
Website:www.redcross.org

Form for International Response Fund: [link]

This form will lend funds to generally any of international disasters the organization supports.
If you wish to designate your donation to a specific disaster(such as the SiChuan Earthquake) please do so at the time of your donation by either contacting 1-800-HELP NOW or mailing your donation, with the designation, to the American Red Cross, P.O. Box 37243, Washington, D.C. 20013.

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Another alternative way to donate from America is via Mercycorps.

Website: [link]