China's foreign exchange reserves increased to $3.1839 trillion by the end of March as the dollar weakened while global financial markets rose, the State Administration of Foreign Exchange said on Friday.

The amount was up by $50.7 billion or 1.62 percent compared with the end of February, SAFE said in a statement.

"The Chinese economy has solid fundamentals and broad development prospects that are conducive to keeping the size of foreign exchange reserves generally stable," SAFE said.

SAFE data also showed that China's gold reserves rose to 66.5 million ounces at the end of March, up from 65.92 million ounces in February, marking the fifth consecutive month of increase.