10.000 Yuan

The Central Reserve Bank of China was a puppet institution established under the Wang Jingwei collaborationist government in Nanjing, which operated under Japanese occupation from 1940 until Japan's surrender in 1945. Notes issued under this authority were legal tender only within Japanese-controlled territories, and their acceptance was enforced rather than voluntary. By 1944, hyperinflationary pressure from wartime money printing had pushed denominations into the tens of thousands — a figure that would have been unthinkable for this issuer just four years earlier.

After Japan's defeat, these notes were declared void by the Nationalist government. Redemption was refused outright, which means surviving examples reflect whatever pocket or drawer they were abandoned in, not any formal demonetization process.