Chinese New Year 2026: gold as a protective and good luck charm

The gifting of hong bao or red packet is a cherished Chinese New Year tradition. This seemingly simple act—money passed from elder to child in a red packet—is believed to bestow good fortune and blessings upon the recipient. This custom has expanded beyond children to include unmarried adults; for instance, an uncle giving to a nephew, or an employer to an employee.

Behind this tradition lies an intriguing tale of folklore. In ancient times, the red packet contained gold coins, and was known as yasui jin, literally translated to mean “suppress the demon gold”. The story goes like this: The demon Sui was believed to attack children on Chinese New Year’s Eve when they were asleep. One Chinese New Year’s Eve, a young couple gave their child eight copper coins to keep him awake. The child wrapped the coins in red paper, opening and rewrapping it repeatedly, but he eventually dozed off—with the packet under his pillow. When Sui attempted to attack, the coins emitted a blinding, protective light—said to be the divine force of the Eight Immortals—that drove the demon away. And that was how the red packet containing gold coins got its Chinese name, with the pronunciation of Sui coincidentally sounding phonetically similar to the Chinese character for “age”. 

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