Citizens planning to hand out generous red packets

Citizens in preparation for the upcoming Lunar New Year have expressed their generosity in distributing lai see - a traditional gift of money in red envelopes.

This year, individuals have the opportunity to exchange their worn-out banknotes for new or good-as-new ones at branches of three note-issuing banks.

The enthusiasm for exchanging banknotes was evident as approximately 100 citizens, including many elderly individuals, began queuing outside an HSBC branch in Mong Kok on the first day of service yesterday.

The first person in line, a woman who arrived at 6am, said she wanted to exchange approximately HK$2,000 in new banknotes.

Anticipation for a joyful Lunar New Year is heightened due to the cancellation of anti-epidemic measures as people look forward to reconnecting with loved ones, engaging in traditional customs and enjoying festivities.

One individual, Chan, shared her excitement by revealing that she had exchanged HK$3,000 in new banknotes.

She said: "This year is the first year where all pandemic restrictions are lifted, so I came here to get some new banknotes for a good sign. I will still give my children 'big red pockets' even though the economy is poor."

The Hongkong and Shanghai Banking Corporation said the crowd exchanging new banknotes this year was 20 percent bigger compared to the same period last year, and the reservation slots for the first two days are fully booked.

HSBC has also launched the first "good-as-new notes" withdrawal service through ATMs across the city yesterday.

Until January 31, the public can withdraw HK$20 and HK$50 good-as-new notes at its branches in Mong Kok, Kwun Tong and Tuen Mun Town Plaza, as well as at selected designated ATMs.

Meanwhile, Eliza Law Sin-yi, head of distribution at Hong Kong Standard Chartered said the first day of exchanging new banknotes went smoothly.

She said citizens' response was more enthusiastic than in the past and the HK$50 bill was the most exchanged among all new banknotes.

"The people coming to our branch this morning to exchange new banknotes increased by about 30 percent compared to last year. The online reservation service for new banknotes was also fully booked on the first day it opened," she said.

Law also said over the past four years, the number of "e-Laisee" distributed electronically has also increased by seven times.

Bank of China said other than using mobile banking, the website reservation of new banknote exchange service has been added in this year, doubling the number of online reservation slots from last year, and they are all fully booked.