Asia's factories took a beating in February from the coronavirus outbreak with activity in China shrinking at a record pace, surveys showed, raising the prospect of a co-ordinated policy response by central banks to prevent a global recession, Reuters reported.

China's factory activity suffered the sharpest contraction on record in February, the Caixin/Markit Manufacturing Purchasing Managers' Index (PMI) showed, underlining the crippling effects of tough travel curbs and public health measures taken to contain the outbreak.

The slump in the world's second-largest economy dealt a severe blow to factories across Asia, including those in Japan, South Korea and Taiwan, offering the clearest evidence yet of the epidemic's damaging effects on global growth and businesses.

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