1 Yuan

This note belongs to the second series of Renminbi, the set China began developing in 1955 to replace the first series — itself a chaotic patchwork of regional issues printed under wartime conditions by multiple facilities. The second series was the first to be planned and produced entirely under unified central authority, with the Beijing Banknote Printing Works taking the lead role. Soviet technical assistance was a significant factor in the early production runs, reflecting the close Sino-Soviet cooperation of the early 1950s.

The 1953 date is the series date, not a print date — notes circulated well into the 1960s. Withdrawal began in 1964 during a politically charged currency exchange that gave holders only a narrow window to convert, a policy that effectively invalidated holdings kept outside the banking system.