United Reserve Bank

The United Reserve Bank, sometimes referred to as Federal Reserve Bank or Federated Reserve Bank (Chinese: 中國聯合準備銀行), was the central bank of the Japan-supported Provisional Government of the Republic of China (1937–1940) that governed North China in the early years of the Second Sino-Japanese War, and then of its successor the North China Political Council [zh] led by Wang Kemin.

[6]: 6 The bank was created on 10 March 1938 under the authority of Governor Wang Shijing,[7] after a loss of confidence in the notes of the Bank of Chōsen which had previously been distributed by the Japanese occupation forces.

It issued currency known as United Reserve Bank notes (lianyin-quan), which had the same value as the Chinese National Currency (fabi) and was pegged to the Japanese yen in the foreign exchange market.

The issuance of "rude Confucius" notes was only terminated by the Japanese occupation forces between mid-1940 and early 1941.

[7] Even after the Wang Jingwei Government created the Central Reserve Bank in 1940-1941, the United Reserve Bank kept operating and issuing currency in the North until the war's end.