> K >> 1. Due to the heterogeneity, the asynchronous states are characterized at the microscopic level by the splitting of the neurons in to three groups: silent, fluctuation, and mean driven. These features are consistent with experimental observations reported for heterogeneous neural circuits. The coherent rhythms observed in our system can range from periodic and quasi-periodic collective oscillations (COs) to coherent chaos. These rhythms are characterized by regular or irregular temporal fluctuations joined to spatial coherence somehow similar to coherent fluctuations observed in the cortex over multiple spatial scales. The COs can emerge due to two different mechanisms. A first mechanism analogous to the pyramidal-interneuron gamma (PING), usually invoked for the emergence of ?-oscillations. The second mechanism is intimately related to the presence of current fluctuations, which sustain COs characterized by an essentially simultaneous bursting of the two populations. We observe period-doubling cascades involving the PING-like COs finally leading to the appearance of coherent chaos. Fluctuation driven COs are usually observable in our system as quasi-periodic collective motions characterized by two incommensurate frequencies. However, for sufficiently strong current fluctuations these collective rhythms can lock. This represents a novel mechanism of frequency locking in neural populations promoted by intrinsic fluctuations. COs are observable for any finite in-degree K, however, their existence in the limit N >> K >> 1 appears as uncertain.]]>