Using good-as-new notes for lai-see

Press Releases

23 Jan 2008

Using good-as-new notes for lai-see

As the Chinese New Year draws near, the Hong Kong Monetary Authority (HKMA) encourages the public to help protect the environment by using good-as-new notes, instead of brand-new ones, for lai-see.

The HKMA has been promoting the use of good-as-new notes for lai-see money since 2006. Thanks to the support of the public and the note-issuing banks, about 162 million, or 50%, of the notes issued in the run-up to the last Chinese New Year were good-as-new notes, up from 53 million, or 20%, the year before.

"The HKMA strongly supports environmental protection. I encourage members of the public to contribute by using the good-as-new notes for lai-see," the Chief Executive of the HKMA, Mr Joseph Yam, said. The HKMA also supports the efforts of the Government to encourage the re-use of lai-see packets to reduce waste.

Every year 300 to 400 million new and used notes are issued to cater for demand in connection with the Chinese New Year. Three hundred million notes occupy 500 cubic metres of storage space and could fill 20 twenty-foot containers. The three note-issuing banks need to arrange 500 trips with security escort to transport these brand-new notes. And it takes 400 tonnes of cotton to produce 300 million banknotes.

Good-as-new notes are perfectly suitable for use as lai-see. Hong Kong's currency notes are kept very clean with dirty or torn notes being removed from circulation when they are returned to the note-issuing banks. Each year about one-third of the notes in circulation are identified as unfit for use and replaced.

As in previous years, the three note-issuing banks will provide sufficient new and good-as-new notes to meet demand for notes for the Chinese New Year.

For further enquiries, please contact:
Thomas Chan, Senior Manager (Press), at 2878 1480 or
Peggy Lo, Manager (Press), at 2878 1687

Hong Kong Monetary Authority
23 January 2008

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Last revision date : 23 January 2008