China raised benchmark interest rates for the third time this year, adding to efforts to cool the world's fastest-growing economy after inflation accelerated to the fastest pace since 2008.

The one-year lending rate will increase to 6.56 percent from 6.31 percent tomorrow, the People's Bank of China said on its website. The one-year deposit rate rises to 3.5 percent from 3.25 percent.

Stocks fell and oil and copper extended losses on concern that a slowdown in China will add to headwinds for the global economy. JPMorgan Chase & Co., HSBC Holdings Plc and Bank of America Merrill Lynch said the increase may be the last this year as analysts forecast that inflation will moderate after probably exceeding 6 percent last month.

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