Bidspirit auction | 1953 Peoples Bank of China

1953 Peoples Bank of China 1 Fen Banknote P# 860c, Roman Numerals Only Grades Gem+ CU - 1953 Peoples Bank of China 1 Fen Banknote P# 860c, Roman Numerals Only Grades Gem+ CU. The renminbi was introduced by the People's Bank of China in December 1948, about a year before the establishment of the People's Republic of China. Renminbi is the name of the currency, while yuan is the name of the primary unit. One fen is equal to 1/100 of one yuan. Renminbi was issued only in a paper form at first, and replaced the various currencies circulating in the areas controlled by the Communists. One of the first tasks of the new government was to end the hyperinflation that had plagued China in the final years of the Kuomintang (KMT) era. That achieved, a revaluation occurred in 1955 at the rate of 1 new yuan = 10,000 old yuan.