1 Yuan Bank of China

The Bank of China's 1936 series was printed by De La Rue in London at a moment when the Nationalist government's currency reforms were still bedding in — the fabi system had only been introduced in November 1935, abolishing the silver standard and centralizing note issue among four state-controlled banks. This note was part of the first major print run under that new order.

De La Rue produced several denominations in this series, with quality markedly higher than notes printed domestically. The watermark was a deliberate anti-counterfeiting measure aimed squarely at Japanese forgery operations, which were already flooding occupied territories with fake Chinese currency as an instrument of economic warfare.