BEIJING - China's foreign exchange reserves rose 30.3 percent year-on-year to hit $3.1975 trillion by the end of June, the People's Bank of China (PBOC), or the central bank, said Tuesday.

Funds outstanding for foreign exchange in financial institutions increased 277.33 billion yuan ($42.83 billion) over the May to June period to hit 24.67 trillion yuan, said the PBOC in an online statement.

Foreign exchange reserves stood at $3.166 trillion and $3.1458 trillion by the end of May and April, respectively, according to the statement.