1 Yuan

The Central Reserve Bank of China was a puppet institution established under the Wang Jingwei collaborationist government in Nanjing, funded and directed by the Japanese occupation authorities. Notes issued under this authority circulated in the occupied territories of central China as part of a deliberate currency strategy — flooding the zone with new paper to displace Chongqing-issued fiat and undermine the Nationalist government's economic control.

By 1943, inflation was already eroding purchasing power across occupied China, and low-denomination notes like this one turned over rapidly. The two signatories, Chien and Chow, were senior officials of the collaborationist financial administration.