1 Yuan

The Federal Reserve Bank of China was a Japanese-controlled puppet institution established in 1938 to manage currency in the occupied North China zone. Its notes were designed to replace the Nationalist fabi, deliberately undermining the Chongqing government's monetary authority in the occupied territories. The 1941 series was printed domestically by the North China Political Affairs Committee's own bureau — wartime necessity, since access to established foreign security printers was no longer an option.

Circulation was enforced in Japanese-occupied areas, but public resistance to accepting puppet currency remained a persistent problem throughout the occupation.