1 Yuan – Sinkiang Province

In 1949, the currency situation in Sinkiang (Xinjiang) Province was one of extreme fragmentation and hyperinflation, reflecting the broader political and military chaos of the final phase of the Chinese Civil War. The region was under the nominal control of the Nationalist (Kuomintang) government, but its authority was weak and contested. The primary circulating currency was the Xinjiang Provincial Bank Note (新疆省银行券), often called "Xinjiang Yuan." However, this currency had been issued in vast, unbacked quantities to fund military expenditures and government deficits, leading to a catastrophic loss of value. By 1949, denominations had skyrocketed into the hundreds of millions, and the currency was essentially worthless, severely disrupting daily commerce and the local economy.

Alongside the devalued provincial notes, a complex mosaic of other mediums of exchange persisted. In the northern Ili region, the Three Districts Revolution (backed by the Soviet Union) issued its own stable currency, the Ili Note (伊犁票), which circulated independently and maintained greater credibility. Furthermore, given Xinjiang's position on the Silk Road and its historical trade patterns, physical silver coins (particularly Yuan Shikai silver dollars), Soviet rubles, and even barter were commonly used, especially in border areas and rural markets. This monetary plurality underscored the fractured political control and the population's loss of faith in the centralizing paper currency of the collapsing Nanjing government.

The situation resolved abruptly with the peaceful liberation of Xinjiang by the People's Liberation Army in September 1949. The new Communist authorities moved swiftly to impose monetary order as part of consolidating control. In December 1949, the People's Bank of China announced the replacement of all local currencies, including the worthless Xinjiang Yuan and the Ili Note, with the national Renminbi (RMB). This currency reform, completed by 1951, was a critical first step in integrating Xinjiang's economy into the new People's Republic of China, ending the hyperinflationary period and establishing a unified monetary system under central authority.