China's forex reserves hit new record

China's foreign exchange reserves soared to a record $3.1975 trillion at the end of June, the central bank said Tuesday. The world's largest stockpile of foreign currency expanded by 30.3 percent from a year earlier, the People's Bank of China said in a statement. The central bank had said previously its reserves stood at $3.0447 trillion at the end of March. China's forex reserves have ballooned in recent years, fuelled by strong foreign investment, large trade surpluses and inflows of "hot money" short-term speculative funds in search of quick profits. The stockpile has been rising as Beijing buys foreign currencies used to pay for the country's exports in order to control the value of the yuan.