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| 正面描述 | Purple on multicolour underprint. A detailed engraved vignette of the Great Wall of China occupies the right portion of the note, watchtowers rendered along the fortification in fine intaglio work; an ornate medallion at left carries the denomination 貳佰圓 in Chinese characters within a guilloché border. The bank name 中國人民銀行 runs across the top, with the Republican year inscription 三十八年 along the lower margin. |
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| 背面铭文 | 行銀民人國中 200 1949 (Translation: People's Bank of China) |
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The first series of Renminbi, issued by the newly established People's Bank of China beginning in late 1948 and continuing through 1949, was produced under chaotic wartime conditions as Communist forces consolidated control across the mainland. Printing was decentralized across multiple facilities — some formerly Nationalist, some operated in newly liberated zones — which accounts for the considerable variation in paper quality, ink density, and register precision found across notes of this series.
The 200 Yuan denomination was among the higher values required simply to keep pace with the inflationary damage the Civil War had already inflicted on the currency supply. By 1955, the entire first series was replaced at a conversion rate of 10,000 old Yuan to 1 new Renminbi.