200 Yuan

The Central Reserve Bank of China was a collaborationist institution established under the Japanese-backed Wang Jingwei regime in Nanjing, and its notes circulated in the occupied territories of central and eastern China as the intended replacement for Chongqing-issued fabi. By 1944, hyperinflationary pressure across all Chinese currency zones was severe, and the 200 Yuan denomination — among the higher face values in this series — reflects the accelerating purchasing power collapse that plagued both the occupation economy and the Nationalist one simultaneously.

Printed domestically rather than abroad, the production quality is noticeably coarser than earlier CRBC issues that relied on Japanese facilities. The regime collapsed in August 1945; most of this paper was rendered worthless within weeks.