PBOC Warns of Finance ‘Involution,’ Reaffirms Risk Control Focus

China’s central bank and foreign‑exchange regulator reiterated the need to curb excessive — or “involution‑style” — competition within the country’s finance industry, framing it as a governance and discipline concern.

PBOC Governor Pan Gongsheng highlighted the role of internal oversight, compliance and performance standards in addressing excessive or distorted competition, according to a statement from the central bank on Saturday following an internal meeting.