Hong Bao refers to a red envelope with money in it, a gift given to the younger generation by the elderly. [Photo/ Xinhua]

Hong Bao

As time goes by, cash has taken the place of silver and gold. Nowadays, Chinese people usually give a Hong Bao (lucky money in a red envelope) as a New Year's gift. On the eve of the lunar New Year, the elderly would put money into a red envelope and give it to the younger members of the family; the red color symbolizes good luck and is supposed to guard the kids against diseases or misfortune.