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| 正面描述 | A vignette of a traditional Chinese pavilion with a broad staircase occupies the left half of the note, set against a light guilloche underprint with foliate scrollwork at the base. To the right stands a portrait vignette of Huang Ti (the Yellow Emperor) in ceremonial court robes and a distinctive beaded crown, rendered in intaglio. The bank title 中國聯合準備銀行 is printed in a horizontal legend across the top, with the denomination 百圓 centered in bold Chinese characters between the two vignettes. |
|---|---|
| 正面铭文 | 行銀備準合聯國中 百 圓 100 100 |
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The Federal Reserve Bank of China was a Japanese-controlled institution established in 1938 to manage currency in the occupied territories of northern China. Its notes circulated alongside — and were deliberately used to displace — the Nationalist fabi, part of a broader Japanese strategy to destabilize Chiang Kai-shek's monetary system by flooding occupied zones with competing paper.
By 1941, inflation in occupied northern China was accelerating sharply, driving the need for higher denominations. Notes from this issuer are sometimes found with Japanese military administrative stamps or local merchant chops, added during circulation in specific districts.