Photographer: Qilai Shen/Bloomberg

China's New Year Cash Boom Wanes as Red Packets Go Digital: Chart

In China, the run-up to Lunar New Year once meant a buildup of cash in the economy. That’s slowed in recent years. Instead of withdrawing large amounts of money to fill red gift packets for kids, pay migrant workers, and buy food for banquets, Chinese are now doing those transactions on their smartphones.

— With assistance by Xiaoqing Pi, and Zheng Wu

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