Credit co-ops to liberalize

China is to gradually liberalize the country's thousands of credit cooperatives, but the central bank warned that moving too quickly could weaken attempts to keep the economy from overheating. In a report on interest rate reform, the People's Bank of China said that rural and urban credit cooperatives were still ill-equipped to set lending rates on their own. The PBOC said it would gradually let market forces play a bigger role in allocating capital, but gave no timetable.