50 Yuan Tung Pei Bank of China, red

The Tung Pei Bank of China — the Northeast Bank — was established by the Chinese Communist Party in Manchuria in 1945, moving quickly to assert economic control over territory as Soviet forces withdrew and Nationalist-Communist competition for the region intensified. This note belongs to the earliest phase of that currency operation, before the Northeast had stabilized under any single administration.

The red color variant of the 50 Yuan is catalogued separately from the black-print issues of the same denomination, suggesting a deliberate press run distinction rather than a printing accident. Communist regional banks of this period frequently ran parallel issues in different ink colors to manage distribution across distinct administrative zones.