<P> At the time of invasion of China's northeast in 1931, multiple currencies were circulating . These included local provincial issues, the Kuomintang fabi and yen currencies issued by the Bank of Chosen and the Bank of Taiwan . </P> <P> After the puppet state of Manchukuo was created, the Japanese founded the Central Bank of Manchou on July 1, 1932 in Changchun (長春), then known as Hsinking (新 京). While the bank provided commercial functions, it also acted as a central bank and issuer of currency . The Manchukuo yuan was initially set at 1 Manchukuo yuan = 23.91 g silver, but became pegged to the Japanese yen at 1: 1 in 1935 after Japan left the gold standard . The currency lasted until the end of World War II . It was replaced by the Northeastern Provinces Yuan issued by the Central Bank of China . </P> <P> Before Japanese occupation, the predominant bank of China's northern provinces (including Suiyuan, Chahar and Shanxi) was the Charhar Commercial Bank . When the Japanese invaded, the bank evacuated the area taking all of its capital and all unissued currency . The Japanese military government quickly established the Channan Commercial Bank to replace its note issuing functions . </P> <P> With the formation of Mengjiang puppet state, the authorities established the Bank of Mengjiang which amalgamated the Channan Commercial Bank with three other smaller regional banks . The Bank of Mengjiang issued Mengjiang yuan from 1937 which was pegged to the Japanese military yen and Japanese yen at par . </P>

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