Dual-Wheel Acceleration: Central Bank Digital Currency and Digital Transformation of Commercial Banks

In the context of the digital economic era, advancing high-caliber financial development calls for the efforts of commercial banks. However, the lack of data and insufficient technology have limited their digital transformation. Central bank digital currencies (CBDCs) combine attributes of data, technology, and currency, thereby offering a new driver for digital transformation in banking. Taking China’s e-CNY pilot as an example, this paper conducts an empirical analysis using panel data from 143 commercial banks over the 2016–2023 period. The results indicate that CBDC implementation significantly advances bank digital transformation; the underlying transmission channels are technological innovation and competitive pressure. Meanwhile, the heterogeneity analysis shows that the impact is more pronounced for large-scale banks, state-owned banks, and banks in the eastern region. Therefore, this study proposes targeted policy recommendations, offering theoretical and practical implications for realizing the high-caliber development of digital finance.