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10 Yuan Foreign Exchange Certificate
| Issuer | Bank of China |
|---|---|
| Year | 1979 |
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| Composition | Log in to see details |
| Size | 178 x 62 mm |
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| Obverse description | Central vignette of the Yangtze River Gorges rendered in intaglio-style engraving, with steep cliffs framing the river and a vessel on the water. Denomination numeral '10' at left within multicolour guilloche border strips; Chinese characters '拾圓' at lower right alongside a red seal. Date '一九七九年' in a cartouche at foot. |
|---|---|
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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 YUAN 10 |
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| Comments |
Foreign Exchange Certificates were introduced by the People's Republic of China in 1979 specifically to control hard currency flows — foreigners were required to exchange their currency into FECs rather than renminbi, restricting their spending to designated shops, hotels, and joint-venture outlets where goods unavailable to ordinary Chinese citizens could be purchased. The system created an immediate black market. Chinese citizens quickly discovered that FECs commanded a premium of 30–50% over face value on the street, since possession of them unlocked access to imported goods and, crucially, to foreign currency itself.
The scheme persisted until 1994, when the dual-currency system was abolished and outstanding FECs were redeemable at par. By then, most high-denomination notes had long since been absorbed into the black economy or hoarded by collectors anticipating exactly that discontinuation.