1 Chiao Kwangsi Bank

Kwangsi Bank was a provincial institution operating under the Guangxi clique — the regional warlord power base of Li Zongren and Bai Chongxi — which maintained considerable financial autonomy from the Nationalist government in Nanjing well into the late 1930s. This note was issued the same year Chiang Kai-shek finally negotiated the nominal military integration of Guangxi forces, a political compromise that left provincial banking structures largely untouched.

The Hong Kong Xinhua Engraving Co. handled a significant volume of southern Chinese provincial printing during this period, serving issuers who preferred proximity and discretion over the larger Shanghai security printers.