Profits of China's industrial firms in April rose 4.2% from the same period last year to 502 billion yuan, the statistics bureau said on Friday.
Across Asian markets, the energy plays rose as oil hit the $50-a-barrel mark for the first time since November, but broader markets were mixed.
Increased defaults in China's corporate bond market - generally viewed as a positive - could send investors running for the hills, analysts warned.
The People's Bank of China cheapens the currency to its lowest level since 2011 as the dollar climbs.
Asia markets mostly closed higher on Wednesday, with Hong Kong leading gains and several major indexes advancing more than 1 percent each.
Leaked minutes from the central bank show China has stepped back from its commitment to liberalize the yuan, the Wall Street Journal has reported.
China's investment, factory output and retail sales all grew more slowly than expected in April, data showed Saturday.
The People's Bank of China, in a question and answer posted on its website on Saturday, attributed the slide to seasonal and technical factors.
Markets in Asia retreated further on Friday, with Japanese stocks coming under pressure from fresh strength in the yen against the dollar.
China's foreign exchange reserves rose in April to $3.22 trillion, central bank data showed on Saturday, marking a second monthly rise this year.
The China Caixin services PMI came in at 51.8 for April, continuing to show expansion, but marking a moderation from March's 52.2.
A key pulse check on China's economy is likely to show the services sector hummed along in April, but a broader slowdown looms, economist Li Wei warns.
Bitcoin might not change the world, but its insights might, according to former Treasury Secretary Larry Summers.
China's manufacturing activity expanded in April, but only marginally, official data showed Sunday, raising doubts about the pickup's sustainability.
The PBOC guided the yuan higher at the sharpest pace since 2005 on Friday in a move attributed to the dollar's weakness against major currencies.
China's reserves were at it's highest in mid-2014, and the accumulation of reserves has since reversed, says CLSA's Amar Gill.
Most major Asian markets advanced on Thursday, but Chinese stocks fell behind their regional peers and extended losses from the previous session.
Asia markets dropped Monday, as oil tumbled after producers failed to reach a deal to freeze output and Japan shares took a hit from quakes last week.
Zhu Guangyao, China's vice finance minister, says the People's Bank of China has good communications with the Fed.
A China official praised Yellen's clear communication and cautious approach, adding the mainland hopes Fed policy will boost its own economy.