100 Yuan

The Central Reserve Bank of China was a puppet institution established by the Japanese-backed Wang Jingwei regime in Nanjing in 1941. Its notes circulated under occupation conditions in regions of central and eastern China, and this series was printed well after the stated face date — a deliberate policy of pre-dating that allowed the regime to obscure the pace and scale of its emissions as wartime inflation accelerated.

F.H. Chow served as Governor throughout much of the bank's short existence, which ended abruptly with Japan's surrender in August 1945. Notes printed in April of that year never saw meaningful circulation.