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. Though rarely used, coins of the 2nd series are still valid in the PRC, and the PBC also put new coins to the market.