What is "red envelope" in mandarin chinese

It's a holiday thing, especially on New Year. It means a lot of things, for example, if someone gives a red envelope, it means that they wish you a good year. And usually it's the elderly that hand it out to you, so you wish them a good year, healthy and wealthy and some other polite stuff. They would give you a red envelope. the red envelope is called hong bao 红包。It is stuffed with money.

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