200 Yuan

The first series of Renminbi, of which this note is part, was issued under extraordinary pressure — the People's Bank of China was formally established only in December 1948, and notes were being printed and pushed into circulation almost simultaneously with the military advance of the People's Liberation Army. Infrastructure was improvised. Multiple regional printing facilities produced notes for the same series, which is why paper quality, ink density, and even minor typographic details vary noticeably between surviving examples of the same denomination.

The 200 Yuan occupied an awkward middle position in a denomination structure that was already being outpaced by inflation before the series was fully deployed. By 1955, the entire first series was withdrawn and replaced at a rate of 10,000 old Yuan to 1 new Fen.