50 Yuan Bank of Central China

The Bank of Central China was a puppet institution established under the Wang Jingwei regime's orbit, operating in Japanese-occupied central China during the Second Sino-Japanese War. By 1945, when this note was issued, the Japanese military position in China was deteriorating rapidly — the currency it backed was already in freefall against both the Nationalist fabi and commodity prices in the occupied zones.

Chung Hwa Book Company, one of China's major commercial printers, produced notes for multiple competing authorities during this period, a pragmatic arrangement that was not unusual given wartime conditions. Notes from this late-war issue rarely saw sustained circulation before the regime's collapse.