5 Yuan

The Federal Reserve Bank of China was a Japanese-controlled institution operating in occupied North China, established in 1938 as part of the broader monetary apparatus imposed on the region. Its notes circulated alongside — and were designed to gradually displace — the Nationalist fabi currency, with exchange rates manipulated to drain silver and hard currency from the occupied territories.

The Hua Pei Political Affairs Committee Printing Bureau was itself a collaborationist body based in occupied Beiping. Print quality across this series is notoriously inconsistent, and paper stock varied as wartime supply constraints tightened through 1941 and into 1942.