On March 1, 1955, the second set of RMB was issued. The ratio of the second set of RMB to the first set is 1:10,000 and is divided into main banknotes and secondary coins. The denominations are: 1 cent, 2 cents, 5 cents, 10 cents, 20 cents, 50 cents, 1 yuan, 2 yuan, 3 yuan, 5 yuan and 10 yuan. One of the denominations, the 3 yuan, was the only issue in the history of the yuan.
The picture above shows the government announcement of the issuance of the second set of RMB.
Compared with the first set of Renminbi, the second set of Renminbi has improved greatly in the printing process. The cent banknote were printed in offset, the corner banknote in offset and one-sided intaglio, and the yuan banknote in offset and two-sided intaglio, with the 10 yuan banknote also adopting the more advanced joining technology of the time.
Part of the second set of the People’s Republic of China was printed by the Soviet Union. On August 17, 1953, China and the Soviet Union signed a contract for the printing of 3 and 5 yuan notes on behalf of the Soviet Union, totaling 1.5 billion sheets and 5.5 billion yuan. From September 30, 1954 to June 14, 1956 China and the Soviet Union agreed that the Soviet Union would print 10 yuan notes on behalf of the People’s Republic of China (PRC), for a total of 200 million sheets and 2 billion yuan; a contract for renewal of the printing was signed on August 16, 1961, for a total of 300 million sheets and 3 billion yuan. Subsequently, owing to the deterioration of Sino-Soviet relations and in order to prevent the credibility of the renminbi from being accidentally undermined, the Chinese side withdrew the three types of renminbi printed by the Soviet side ahead of schedule, and RMB were no longer printed by the Soviet side on its behalf.
