HKMA announces new notes exchange and promotes e-lai-see for CNY

The three note-issuing banks – The Hongkong and Shanghai Banking Corporation Limited, Standard Chartered Bank (Hong Kong) Limited, and Bank of China (Hong Kong) Limited – will offer new notes and good-as-new notes for exchange at their branches.

The service period runs from February 3, a Tuesday, until February 16, a Monday.

To facilitate the exchange, banks will open earlier at 8:00 a.m. on the first three days, from February 3 to February 5, dedicating this additional hour exclusively to the notes exchange service.

An online booking service for both new and good-as-new notes will be available starting from January 27. Banks will also implement crowd management measures, such as distributing physical tickets and managing queues, as needed to ensure smooth operations.

The HKMA strongly encourages the public to opt for electronic channels for giving lai-see, leveraging services like the Faster Payment System available through online or mobile banking, and other e-wallet options.

This initiative aims to promote sustainable development by reducing the reliance on physical red packets and banknotes.

Major banks and electronic payment operators are expected to launch various promotional programmes to support the adoption of electronic lai-see.

The HKMA also advises the public to check for any existing stock of new or good-as-new notes at home before visiting a bank.

Furthermore, there is no need to rush for exchanges during the initial days of the service period, as banks will ensure a continuous supply of notes throughout the entire period.