10 Fen Foreign Exchange Certificate

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.