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10 Fen Foreign Exchange Certificate
| Issuer | Bank of China |
|---|---|
| Year | 1979 |
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| Composition | Paper |
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| Obverse description | Central vignette of Huangguoshu Waterfall on the Baishui River, Anshun, rendered in brown intaglio against a pale guilloche underprint. The denomination 壹角 appears in large red characters at right within a multicolour geometric panel, with the numeral 0.10 at left. A red seal and the date 一九七九年 are printed below the central vignette. |
|---|---|
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| Reverse lettering | BANK OF CHINA FOREIGN EXCHANGE CERTIFICATE 本券的元与人民币元等值。 本券只限在中国境內指定的范围使用。不得挂失。 The yuan expressed in this certificate is equivalent in value to the Renminbi yuan. This certificate can only be used within China at designated places. No request to register its loss will be accepted by the Bank. TEN FEN 0.10 |
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| Comments |
Foreign Exchange Certificates were introduced in 1979 to control hard currency flows in China — foreigners were required to exchange their currency into FECs rather than renminbi, creating a two-tier monetary system that persisted until 1994. The 10 fen denomination is the smallest in the FEC series and saw relatively little practical use, since the notes were principally designed for department stores, hotels, and joint-venture establishments priced well above fractional values.
A thriving black market developed almost immediately, with FECs trading at a premium over renminbi because they granted access to otherwise restricted goods. By the late 1980s the premium had reached 50% in some cities.