5 Yuan Sinkiang Government Construction Bonds

The Xinjiang Provincial Government in 1941 was effectively a Soviet client state under Sheng Shicai, who had invited Red Army troops onto Chinese soil and aligned the province so closely with Moscow that these "construction bonds" were less a domestic financing instrument than a mechanism for managing a captive economy sealed off from Nationalist China. The Soviet presence shaped everything from the province's monetary apparatus to its industrial policy.

By 1942 Sheng abruptly reversed course, expelled Soviet advisors, and realigned with Chongqing — a political rupture that left much of this paper stranded and largely unredeemed.