100.000 Yuan

The Central Reserve Bank of China was a collaborationist institution operating under the Japanese-sponsored Wang Jingwei government in Nanjing. By 1945, with Japanese defeat imminent, the bank was printing in enormous denominations to manage catastrophic inflation — the 100,000 Yuan note being among the highest values it ever issued. The series reflects a currency in terminal collapse rather than any coherent monetary policy.

Wang Jingwei himself had died in November 1944, and the government was effectively a shell by the time these notes entered circulation. Most were rendered worthless within months when the collaborationist administration dissolved following Japan's surrender in August 1945.