China’s official factory gauge extended its stretch of deteriorating conditions to a record seven months, underscoring the challenge facing policy makers as they seek to cut overcapacity in manufacturing without derailing growth. The manufacturing purchasing managers index dropped to 49.0 in February, the National Bureau of Statistics said Tuesday, missing the median estimate of 49.4 in a Bloomberg News survey of economists. Numbers below 50 indicate conditions worsened. The central bank late Monday stepped up efforts to cushion the slowdown amid plunging stock prices and a weakening currency, cutting the amount of ... (full story)