Digital RMB 2.0 and the Transformation of the Real Economy: A Case Study of Agricultural Bank of China

Abstract

The digital RMB has upgraded from “Digital Cash 1.0” to “Digital Deposit Currency 2.0,” fundamentally resolving the issue of insufficient incentives for both users and banks. Taking the Agricultural Bank of China as a case study, this paper analyzes the mechanisms and effectiveness of its role in empowering the transformation of the real economy across six dimensions: payment efficiency, smart contracts, supply chain synergy, the expansion of inclusive finance, consumer-facing (C-end) consumption, and cross-border payments. Research has found that payment and settlement allow funds to reach the payee directly in seconds, greatly improving transaction efficiency. Smart contracts are the core, and programmable currency can effectively reduce contract fulfillment costs and prevent fund misappropriation. Funds penetrate multiple levels of the industrial chain to achieve “transaction is settlement, settlement is confirmation of rights.” Agricultural Bank of China relies on its full coverage of county-level outlets and products such as Huinong e-loans to form a differentiated path to inclusive finance. C-side consumption is transmitted to the real economy through interest calculation mechanism and scenario expansion. Agricultural Bank of China relies on the multilateral central bank digital currency bridge to implement interest calculation functions and cross-border coupling effects in multiple branches. This study could provide empirical evidence on the role of Digital RMB 2.0 in the transformation of the real economy.