period about half the value of the issued notes was backed by specie reserves. The notes issued were in five denominations, one hundred, ten, five and one yuan and five chiao (one-half yuan), and typically depicted Qing dynasty rulers of China on the obverse. To keep up with the inflationary pressures typically experienced by Japanese-controlled areas towards the end of World War II, a 1,000 yuan note was issued in 1944. The Yuan was subdivided into 10 chiao (角), 100 fen (分) or 1000 li (釐). Coins were issued in denominations of 5 li up to 10 fen. In 1944 and 1945, Manchukuo issued coins (1 and 5 fen) made of what the Standard Catalog of World Coins describes as "red or brown fiber", resembling cardboard. These are a rare example of non-metallic coins. As a matter of policy, the United States prevented any trading in the currency. This made it more difficult for the nation to access the American credit market. In 1948, after the end of World War II, approximately 12 billion yuan of Central Bank of Manchou notes were redeemed by the Tung Pei Bank. Banknotes Initially banknotes were printed by the Japanese but also by the Manchu Imperial Printing Bureau after the old Chinese mint in the city of Mukden was repaired. Coins See also Central Bank of Manchou Paper money of the Qing dynasty Qing dynasty coinage References Currencies of China Modern obsolete currencies Currencies introduced in 1932 1945 disestablishments in China Economy of Manchukuo Chinese numismatics