It was established after the Japanese occupied North China, and it was a slave bank under Japanese control, taking a lot of materials and foreign exchange from China.

Before the establishment of the Pseudo-Zhonglian Bank, the Pseudo-Beijing-Tianjin Local Security Bureau prepared to issue paper money, and signed a contract with the Beiping Printing Bureau in February 1937/kloc-0 to rename the steel printing plate left by Daqing Bank in the past, and changed the portrait of the Regent on the main scene of the paper plate to the portraits of Huangdi, Confucius, Guan Gong and Yue Fei, and printed it with old foreign printing paper 100. 1February, 938, under the coordination of the Japanese secret service in China, the pseudo-Zhonglian Bank received these banknotes and issued four kinds of coupons on1March, 938 10, namely, 100 yuan coupons (like Huangdi), 10 yuan coupons (like Guan Gong), 5 yuan coupons (like Yue Fei) and 5 yuan coupons. A dime coupon was issued in June,1February, which was the first time for the pseudo-China United Bank.