Rates to be fully freed in 2 years

Move may pose 'unprecedented challenge' for commercial banks

China will lift all controls over interest rates in two years to follow up on its top leaders' announcement last November that they will allow the market to play a "decisive role" in the nation's economic development.

So pledged Zhou Xiaochuan, governor of the People's Bank of China, the nation's central bank, on Tuesday as he met with the press on the sidelines of the annual session of the National People's Congress.