10 Yuan Foreign Exchange Certificate

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.