![]() Consequently, companies and local governments are offering cash bonuses and other treats aimed at enticing people to remain local. In China, authorities are trying to incentivise people to stay at home in order to avoid the usual mass migration of people travelling to spend the new year with family. Taiwan’s Central Bank allowed people to exchange old banknotes for new ones, preparing a custom Google Map displaying the locations of all bank branches and post offices offering the service. Consequently, customers were required to pre-book their withdrawals at major banks and make appointments via an online reservation service to collect them. In Singapore-where the cash envelopes are called ang bao-despite the Monetary Authority calling on people to consider an electronic transfer of money this year, demand for physical money remains high. When gifting this lucky money, it is preferred for notes to be in mint condition, meaning banks must anticipate a rush of people looking to withdraw fresh currency. ![]() Tradition holds that the giver is thus bestowing joy and blessings on the recipient, and the money within is the literal embodiment of good fortune. Called hongbao in Mandarin and lai see in Cantonese, the red of these envelopes is the colour of energy, happiness and good luck. In China, red envelopes mean one thing: cash. Happy Lunar New Year! As over two billion people celebrate the arrival of the Year of the Ox, we take a look at why cash lies at the heart of this annual ritual, and what may be different this time around.
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