100 Yuan

The Federal Reserve Bank of China was a Japanese-sponsored institution established in 1938 to manage currency in the occupied northern Chinese territories. Its notes circulated alongside — and were deliberately designed 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 1943, wartime inflation was accelerating sharply across all Chinese currency zones, and higher denominations like this 100 Yuan were becoming increasingly necessary for routine transactions. The series was printed in Japan.