200 Yuan

This note belongs to the first series of Renminbi, issued while the civil war between the Communists and Nationalists was still technically unresolved. The People's Bank of China had been founded only in December 1948, and notes were being pushed into circulation across newly liberated territories faster than any unified monetary infrastructure existed to support them. Denominations in the first series ranged wildly — from 1 Yuan to 50,000 Yuan — reflecting hyperinflationary conditions inherited directly from the collapsing Nationalist economy.

First series Renminbi were demonetized in 1955 at a conversion rate of 10,000 old Yuan to 1 new Yuan.