Millions of people across the world are ringing in Chinese New Year , which celebrates the beginning of a new lunar year as well as the spring.

Despite the ongoing sub-freezing temperatures that have hit the east coast, celebrants will fill the streets of Chinatown in New York City as well as other cities where there is a large Chinese immigrant population including San Francisco, London, and Sydney. In New York, the main event will be held on Feb.2 with a parade stretching across approximately 15 blocks, featuring dancing dragons and thunderous drumming. Across Asia, the festival is celebrated in many countries in addition to China including Vietnam, Malaysia and Singapore with varying practices between the countries.

Some traditions during the 15-day festival include fireworks, traveling to hometowns to spend time with family, hanging red lanterns, and the giving of red envelopes filled with cash. There are also more superstitious beliefs associated with the ushering in of the new year. Symbolic decorations are hung to bring in good luck, offerings are left out to honor deceased ancestors, and fireworks are said to chase away evil spirits. According to one ancient legend, this latter tradition goes back to a monster named Nian who started attacking villagers at the beginning of the year (most likely because regular food sources were scarcer at the end of the winter). In order to stop the monster, the villagers shot off fireworks and banged on drums to scare him away.

The holiday is also linked to the 12-animal zodiac calendar. Personality traits for those born under the horse sign (1942, 1954, 1966, 1978, 1990, 2002 and 2014) include being energetic, intelligent and social. Downfalls however are that they are impatient and often do not complete projects. Famous people born in the year of the horse include Jerry Seinfeld, Condoleezza Rice, and Jeff Koons.

As the new year greeting goes, Gong Hey Fat Choy!