If you are talking about the first set of RMB issued by the People's Bank of China, the 10,000 yuan at that time was equivalent to 1 yuan in the second set of RMB. Issued in 1949 and discontinued in 1955.

The denominations at that time were 50,000, 10,000, 5,000, 2,000, 1,000, 500, 200, and 100, respectively equivalent to 5 yuan, 1 yuan, 50 cents, and 2 yuan in the second set of RMB. Corner, 1 dime, 5 cents, 2 cents, 1 cent. In the 1990s, I found a Xinhua dictionary in my hometown, priced at 110,000 yuan. At that time, I thought it was a printing error, and then asked an older person to tell me the above facts.

If the 1 million yuan mentioned was the currency value in 1949, it would be equivalent to 100 yuan in the second set of RMB in 1953. In 1953, the RMB was almost as valuable as the US dollar, and 1 gram of gold in 1953 was approximately US$1.12, which means that 1.12 RMB can buy 1 gram of gold.

(September April 2019) The Shanghai gold futures price was 360 yuan per gram, which is approximately 321 times after conversion. In other words, 1 million at that time (currency value in 1949) was equivalent to 32,143 yuan today. This is a comparison using gold equivalents. The currency value in 1953 is approximately equivalent to today's 321.43 million yuan (321.43 million yuan).

Extended information:

According to the old version of RMB from the founding of the People's Republic of China to March 1955, all the old versions of RMB were converted into the new version of RMB. The conversion ratio of the old and new currencies was 1:10000, so 17 billion yuan at that time was 1.7 million yuan. yuan, now about 17 million yuan.