Japanese has the same custom. However there are some differences. The Chinese money envelopes are always red (and gold) with words of good fortunes & pictures. Japanese money envelopes can be any color; they usually have white background with pretty pictures. If you are Chinese and married, you have to give children two envelopes that are from each of you. Japanese give out one envelope from both of you.
We are not Christians; we don’t have to have Christmas gifts. Right? I suggested kids that we just exchange cards on all holidays and birthdays. They didn’t like that idea. Okay then… How about we exchange ‘money envelopes’ on Christmas. So you can go buy the things that you really want. (Also, you can buy them cheaper with after holiday’s sale price.) They didn’t like this idea either…. They think cash/gift certificates are not ‘personal’. I should start knitting sweaters with their names on the front and my name on the back. That will be very personal gift. (Hey, you asked for it….)