- The Washington Times - Friday, April 10, 2009

BEIJING (AP) - China’s central bank says its foreign exchange reserves rose 16 percent year-on-year to $1.954 trillion by the end of March.

In a notice on its Web site Saturday the bank said reserves increased by $7.7 billion in the first quarter, $146.2 billion lower than the same period last year.

Analysts believe China holds up to 70 percent of its foreign reserves in U.S. dollar-denominated assets, including Treasury securities.

In March, the reserves increased by $41.7 billion, an increase $6.7 billion more than the same period last year.

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