The Chinese New Year red envelope is a traditional gift for children during Chinese New Year. In China, the red envelope is called yasui qian (压岁钱 /yaa-sway chyen/), which means 'suppressing ghosts money'. Those who receive a red envelope are wished another safe and peaceful year.
The custom of giving red envelopes originates in some of the oldest stories of Chinese New Year. As the legend goes, a demon known as 'Sui' terrorized children while they slept on New Year’s Eve, and parents would try to keep their children awake all night to protect them.
Those born in the Year of the Ox are said to be determined, strong and conservative.