China's foreign exchange reserves rose 30.3 percent year-on-year to hit $3.1975 trillion by the end of June, authorities said.

The People's Bank of China, or the central bank, said that 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, reported Xinhua.

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

Pakistan's foreign exchange reserves have crossed the $18 billion mark, a record level in the country's history, says Prime Minister Yousuf Raza Gilani.

Gilani said this was achieved despite major economic challenges like last year's devastating floods, the escalating prices of fuel in international markets and global recession.

He said high foreign exchange reserves was an evidence of the sound economic strategy of the government, Associated Press of Pakistan reported.

The prime minister said the government was paying special attention to underdeveloped regions with a view to bring them at par with developed regions.

 India's foreign exchange (forex) reserves declined by $1.86 billion to $317.22 billion for the week ended Aug 5 after surging to an all-time high of $319.08 billion in the previous week, official data showed.

The forex reserves had risen sharply during the recent weeks due to valuation gains in gold and non-US currency reserves, especially euro.

The foreign exchange kitty has declined for the fist time in the last three weeks under review due to a sharp drop in the value of foreign currency assets.

Foreign currency assets, the biggest component of the forex reserves kitty, dropped by $1.84 billion to $284.31 billion during the week ended Aug 5, according to the weekly statistical supplement of the Reserve Bank of India (RBI).

The foreign currency assets expressed in US dollar terms include the effect of appreciation or depreciation of non-US currencies such as the pound sterling, euro and yen held in reserve.

The value of special drawing rights (SDRs) dropped by $14 million to $4.59 billion and reserves with the International Monetary Fund fell by $9 million to $2.96 billion.

The value of gold reserves remained unchanged at $25.34 billion. Gold reserves had risen to an all-time high during the previous week due to valuation gain.