China moved to pump more cash into its financial system, suggesting that Beijing remained concerned about faltering growth despite signs that the world's second-largest economy was stabilizing.
Mainland Chinese shares recovered early losses amid volatile swings, following Monday's suspension of trading which led to a global equities sell-off. The Shanghai Composite was up 0.8% at 3,324.27 after opening more than 3% lower, while the Hang Seng also changed direction to head up 0.1% to 21,342.09.
Growth in the world's second largest economy, China, beat expectations in the second quarter, but it was still the weakest showing since the global financial crisis. The economy grew 7% from a year ago - matching growth in the first three months of the year, which was the lowest since 2009 when it fell to 6.6%.
China's central bank is to cut its bank reserve requirement ratio by one percentage point. The People's Bank of China said that the new reserve requirement would take effect from Monday. The aim is to stimulate more lending into the nation's slowing economy.
The Argentine Central Bank received this week the second part of a multi-billion dollar currency swap with China’s Central Bank, worth the equivalent of 508 million dollars. The swap allowed Argentina to bolster its foreign reserves, which rose 506 million and closed at 28.785 billion dollars.
China's latest industrial production and retail sales figures are higher in July from one year ago but the pace of expansion has slowed. Industrial production, a measures of output at factories, workshops and mines jumped 9% in July, compared to a 9.2% rise in June. Retail sales in July rose by 12.2%. But that's also below June's 12.4% spike.
China's central bank cut interest rates for the second time in two months to bolster an economy widely expected to record its sixth successive slide in growth in April-June.