China's industrial profits swung back to a sharp contraction in August, official data showed on Friday, adding to a recent spate of bleak readings that point to mounting pressure on the economy.

China’s industrial profits swung to a decline in August, yet another sign of a broad-based economic slowdown that has already prompted leaders to introduce strong stimulus measures.

China is redoubling its first-aid for the economy, targeting banks, workers and poor families as the ruling Communist Party prepares to mark the 75th anniversary of the founding of the People's Republic.

China's central bank said on Friday it would cut the amount of cash that banks must hold as reserves by 50 basis points, the second reduction this year aimed at bolstering faltering economic growth. The move takes effect Friday and was flagged on Tuesday by PBOC Governor Pan Gongsheng at a press conference,

The governor of the People's Bank of China stated that the central bank will lower the reserve requirement ratio (RRR) by 0.5 %