10.000 Yuan

The Central Reserve Bank of China was a Japanese-sponsored institution operating in the occupied territories of northern and central China, established in Nanking in 1941 under the Wang Jingwei collaborationist regime. By 1944, hyperinflationary pressure was acute — the Chongqing government's fabi was competing directly with this currency in contested zones, and denominations were climbing steeply to keep pace with collapsing purchasing power. The 10,000 Yuan issue reflects that spiral.

H.H. Chow served as governor; T.K. Chien as a senior signatory. Both men navigated the impossible position of administering a currency backed by an occupying power that was itself losing the broader Pacific war by mid-1944.