2 Chiao Southern People's Bank

The Southern People's Bank was one of dozens of regional and guerrilla-zone financial institutions operating in southern China during the final phase of the civil war. It was not a provincial central bank in any formal sense — more a financial instrument of local Communist military administration, issuing currency to facilitate procurement and troop provisioning in areas not yet under full PLA control. Notes from these bodies were typically produced under difficult field conditions, and printing quality reflects that.

The S-prefix Pick classification places this firmly in the local and regional issues category. Many notes from comparable southern guerrilla issuers were demonetized quickly once the People's Bank of China extended its network southward after 1949, meaning genuine circulation examples are rarer than surviving stocks suggest.