1 Jiao / 10 Cents Farmers Bank of China

The Farmers Bank of China was reorganized under direct Nationalist government control in 1935, two years before this note was issued, giving it a quasi-official status that sat uneasily between a commercial agricultural lender and a full state bank. By 1937, the outbreak of full-scale war with Japan had already begun to distort the entire fabi currency system — notes like this entered circulation into an economy under extreme pressure, with rural credit networks collapsing across the affected provinces.

Chung Hwa Book Company was one of the principal commercial printers used by Nationalist-era banks before the wartime dispersal of printing capacity made consistent production increasingly difficult.