10 Yuan

The Federal Reserve Bank of China was a Japanese-sponsored institution operating in occupied northern China, established in 1938 under the Wang Jingwei collaborationist framework. Its notes circulated in the Japanese-controlled zones as instruments of wartime economic policy — used to extract resources and suppress the existing Nationalist currency through deliberate inflation and forced exchange ratios.

By 1944, Japanese military fortunes were deteriorating, and note production accelerated to cover occupation costs. Most issues from this period were printed in Japan. The series became worthless within a year of issue, and surviving examples in any condition are often found with folds and handling consistent with brief but intensive circulation before the currency collapsed entirely following Japan's surrender in August 1945.