1 Yuan

The Federal Reserve Bank of China was a Japanese-sponsored institution established in 1938 to manage currency in the occupied northern Chinese territories. Its notes circulated under Japanese military authority and were used to systematically displace the Nationalist government's fabi, effectively functioning as an instrument of economic occupation. By 1945, the issuing authority was months from collapse — Japan's surrender in August of that year rendered the entire Federal Reserve Bank note series worthless almost overnight.

Notes from this final year are sometimes found in unissued condition, having never reached circulation before the surrender made distribution pointless.