Chinese stocks rose for a third day, led by metal producers, after copper jumped the most in 11 weeks. China Petroleum & Chemical Corp also gained after it reported a surge in profits.

The Shanghai Composite Index rose 32.66, or 1.1 percent, to 2993.43 at the close after changing direction at least four times. It has dropped 12 percent this month, the world's second-worst performer ahead of Nigeria, amid speculation economic growth will falter and the government will curb new lending that rose to a record in the first half of the year.

"I don't think the reining in will be too aggressive given that the recovery is still on a very uncertain footing," said Nicholas Yeo, China equities head at Aberdeen Asset Management Plc. "There will be more stringent checks on where the loans are going rather than a general reining in of credit."