HKMA announces new note exchange for Lunar New Year
The Hong Kong Monetary Authority (HKMA) and three note-issuing banks will offer new and good-as-new banknotes for exchange from February 3 to February 16. The HKMA also encourages the public to use electronic lai-see for sustainable development.
Streamlined exchange for festive notes
The Hong Kong Monetary Authority (HKMA), in collaboration with The Hongkong and Shanghai Banking Corporation Limited, Standard Chartered Bank (Hong Kong) Limited, and Bank of China (Hong Kong) Limited, will provide new and good-as-new banknotes for public exchange from February 3 to February 16. This annual service supports the tradition of giving lai-see during the Lunar New Year.
Good-as-new notes, which are used banknotes in excellent condition, are promoted as a sustainable alternative to newly printed notes.
To ensure an efficient exchange process, participating banks will implement several key measures.
These include advancing opening hours to 8:00 a.m. for the first three days (February 3-5), dedicating this initial hour exclusively to note exchange.
An online booking service for both new and good-as-new notes will commence on January 27, with details from individual banks.
Crowd management, including physical ticket distribution and queue management, will also be in place as needed to handle peak demand.
Digital alternatives and public advice
The HKMA encourages the public to use electronic channels for giving lai-see, promoting a sustainable approach to the festive tradition.
Options include the Faster Payment System (FPS) via online or mobile banking, and various e-wallet services.
This digital alternative offers simplicity, convenience, and contributes to environmental sustainability by reducing the consumption of physical red packets and banknotes.
Major banks and electronic payment operators will support this shift with various promotional programmes.
For those preferring cash, the HKMA advises checking for existing new or good-as-new notes at home before visiting a bank.
The public is also reassured that there is no need to rush for exchanges during the initial days, as banks will ensure a continuous supply of notes throughout the service period.