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50 Fen Foreign Exchange Certificate
| Issuer | Bank of China |
|---|---|
| Year | 1979 |
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| Composition | Paper |
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|---|---|
| Obverse lettering | 中國銀行 0.50 外汇兑换券 伍角 一九七九年 (Translation: Bank of China 0.50 Foreign exchange certificate Five Jiao 1979 year) |
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| Reverse lettering | BANK OF CHINA FOREIGN EXCHANGE CERTIFICATE 本券的元与人民币元等值。 本券只限在中国境內指定的范围使用。 不得挂失。 The yuan expressed in this certificate is equivalent in value to the Renminbi yuan. This certificate can only be used within China at designated places. No request to register its loss will be accepted by the Bank. FIFTY FEN 0.50 |
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| Comments |
China's Foreign Exchange Certificates were introduced in 1979 as a parallel currency — foreigners were required to exchange hard currency for FECs rather than receive renminbi, effectively creating a two-tier monetary system. The FEC could purchase imported goods and access services at Friendship Stores and tourist hotels that were off-limits to ordinary citizens holding standard RMB.
This created an immediate black market. FECs consistently traded at a premium to RMB, sometimes reaching 150% of face value on the street. The system was abolished in 1994, and unspent certificates could theoretically be reconverted — but most surviving low-denomination notes like this one were simply pocketed as curiosities by departing tourists.