It existed from 1931 to 1934, as an independent government established by the Communist leader Mao Zedong and his comrade Zhu De in Jiangxi province in southeastern China. It was from this "small state within a state" that Mao gained the experience in mobile warfare and peasant organization that he later used to accomplish the Communist conquest of China in the late 1940s. Mao Zedong was the Chairman for most of the time. It was eventually destroyed by the KMT's nationalist army.

February 1st of 1932, National Bank of the Chinese Soviet Republic was established with Mao Zedong as its president. The Central Mint of the Jiangxi Soviet issued three kinds of currency, including the paper bill, the copper coin, and the silver dollar. The Central Mint briefly issued both the paper bills and copper coins, but neither circulated for long, primarily because the currency could not be used in the rest of China. The paper bill had the Chinese Soviet Republic (中華蘇維埃共和國) printed on the bill in traditional Chinese characters, and a picture of Lenin.

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