5 Chiao / 50 Cents Kiang Hwai Bank of China

The Kiang Hwai Bank of China was a Japanese puppet institution established to serve occupied territories in the Jiangsu-Anhui border region during the Second Sino-Japanese War. Notes issued under its authority were instruments of wartime economic control — designed to displace Nationalist currency and integrate occupied areas into Japan's broader yen bloc framework.

The 1941 date places this squarely in the period of consolidated Japanese occupation, after the initial military push had settled into administrative entrenchment. Puppet bank notes from this region were frequently refused by local populations who preferred hoarding Chungking-issued fabi, making genuine circulation examples genuinely uncommon.