350 million banknotes worth HK$10 billion: Hong Kong's love affair with lai see cash
The holiday creates demand for about 350 million banknotes worth almost HK$10 billion every year
Despite the popularity of credit cards and mobile payments, people in Hong Kong stick to cash for lai see packets.
This contributes to a demand for about 350 million banknotes worth almost HK$10 billion (US$1.28 billion) just within the two weeks before Lunar New Year every year, according to the Hong Kong Monetary Authority.
What is changing is that some bank customers are willing to accept notes that are not newly printed, with about half ready to accept used banknotes in good condition for their lai see packets.
“Since 2006, the HKMA has been advocating the use of good-as-new notes for lai see because of environmental concerns. Thanks to the support of the public and the note-issuing banks, the share of good-as-new notes issued in the run-up to each Chinese New Year has increased from 20 per cent in 2006 to about 45 per cent in recent years,” said an authority spokeswoman.
HSBC, Standard Chartered Bank and Bank of China (Hong Kong), the city’s three note-issuing banks, said they have recorded an increase in the number of people using good-as-new notes for lai-see, a practice that is more environmentally friendly.
To meet the demand for currency notes, many banks extend opening hours about two weeks ahead of Lunar New Year for customers, who queue up to exchange old notes for new ones. Senior members of families give lai see packets to children and unmarried people as a way of giving them blessings.
Most companies and senior management also give lai see packets to their staff as a blessing on their first day back at work after the Lunar New Year break.