On December 1, 1948, the People's Bank of China was established in Shijiazhuang City, Hebei Province, and began issuing unified RMB on the same day. Comrade Dong Biwu, then chairman of the People's Government of North China, inscribed the bank name of the People's Bank of China for the set of RMB.
Since December 1, 1940, the first set of Renminbi has been issued in 12 sixty-two versions, including two yuan-denominated securities, four yuan-denominated securities, four yuan-denominated securities, four yuan-denominated securities, seven 50 yuan-denominated securities, seven yuan-denominated securities, ten yuan-denominated securities, five 500 yuan-denominated securities, five thousand yuan-denominated securities, four 500 yuan-denominated securities and two yuan-denominated securities.
At the beginning of 1949, the head office of the People's Bank of China moved to Beiping (now Beijing) and established branches of the People's Bank of China successively: by the end of 1951, the People's City had become the only legal currency in China. It is circulated all over the country except Taiwan and Tibet (RMB has been officially circulated in Tibet since July 15, 1957). Since May 10, 1955, the first set of design ideas for stopping the circulation of RMB and using the first set of RMB has been based on typical examples of agriculture, industry, commerce, trade, transportation and other aspects in the liberated areas. Since the first set of RMB has been out of use for half a century, and has undergone many political and economic reforms, its value of appreciation, commemoration, collection, inheritance and investment has been increasing day by day.