The PBOC issued the second series of notes on March 1, 1955. The exchange rate between the second and first series was 1:10,000, so the value of the existing 10,000 yuan bill fell to 1 yuan. The denominations were: 1 fen (100 to the yuan), 2 fen, 5 fen, 1 jiao (10 to the yuan), 2 jiao, 5 jiao, and 1, 2, 3, 5 and 10 yuan.