1 Yuan Kwangsi Farmers Bank

The Kwangsi Farmers Bank was one of several provincial agricultural banks established under the Nationalist government's rural credit reforms of the 1930s, but Kwangsi — controlled by the Guangxi Clique under Li Zongren and Bai Chongxi — operated with considerable autonomy from Nanjing. This note was issued in 1938, the year after the full-scale Japanese invasion began, when provincial currencies became both a practical necessity and a quiet assertion of regional financial independence from the central government.

The Guangxi Clique maintained tighter fiscal discipline than most regional warlord administrations, which kept their paper emissions from collapsing as rapidly as many contemporaries. Notes from this bank are modestly scarce in circulated grades — Kwangsi saw active military campaigns, and much of the provincial paper stock did not survive the war years intact.