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The second series of Renminbi banknotes was introduced on March 1, 1955. Together with the introduction of the second series, the decimal point was moved 4 places to the left. As a result, one first series ¥10,000 note is equivalent to one second series ¥1 note.
Coins
Though rarely used, coins of the 2nd series are still vaild in the PRC, and the PBC also put new coins to the market.
References
Second series of the renminbi Wikipedia(Text) CC BY-SA