100 Yuan

The Federal Reserve Bank of China was a Japanese-sponsored institution established in 1938 following the occupation of northern China, headquartered in Beijing under the collaborationist Provisional Government. Its notes were introduced as a direct replacement for the existing currency circulating in occupied territories, with the explicit intent of displacing Nationalist-issued legal tender and extracting economic value from the occupied population through controlled exchange rates heavily favoring Japanese interests.

The 100 Yuan denomination was the largest in the initial 1938 series — significant in a region where such a sum represented real purchasing power. Inflation had not yet destroyed the notes' credibility, which came later as wartime pressures mounted and the bank's emissions ballooned.