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, according to a report of Associated Press. In March, the reserves increased by $41.7 billion, an increase of $6.7 billion more than the same period last year.
