Industry slowdown pressures growth

China's official factory gauge signaled a record sixth straight month of deterioration, raising the stakes for policymakers struggling to prop up the economy amid a second bear market in stocks since June and a currency at a five-year low.

The purchasing managers index dropped to a three-year low of 49.4 in January, the National Bureau of Statistics said on Monday. That compared with a median estimate of 49.6 in a Bloomberg survey of economists. A reading above 50 indicates expansion, while a reading below 50 reflects contraction.

The official services index also fell, while a private PMI survey signaled the industry shrank for an 11th month.