The Central Bank of China's 1941 issues were produced under severe wartime pressure, with Japanese forces having already seized the major coastal printing facilities. The Central Trust of China Printing Works — itself an arm of the Nationalist government — absorbed much of the currency production as the government retreated deeper into the interior, eventually operating out of Chongqing.
Inflation was already accelerating badly by 1941; the fabi had been losing purchasing power since the currency reform of 1935, and wartime military expenditure was pushing the money supply to unsustainable levels. Notes of this era circulated hard and fast.
The Central Bank of China's 1941 issues were produced under severe wartime pressure, with Japanese forces having already seized the major coastal printing facilities. The Central Trust of China Printing Works — itself an arm of the Nationalist government — absorbed much of the currency production as the government retreated deeper into the interior, eventually operating out of Chongqing.
Inflation was already accelerating badly by 1941; the fabi had been losing purchasing power since the currency reform of 1935, and wartime military expenditure was pushing the money supply to unsustainable levels. Notes of this era circulated hard and fast.