The reason for giving "press money" or "lucky money" during the Chinese New Year in English is rooted in various traditional beliefs and customs. Here are some explanations:

1. **Protecting Against Evil Spirits**: In Chinese folklore, the evil monster named "Nian" (Year) would come out at the beginning of each year to scare away villagers and harm children. The noise of firecrackers and the red color (which is considered auspicious and protective) scared the monster away. Giving money wrapped in red paper to children is believed to provide protection from the evil spirit and ensure a peaceful new year.
2. **Good Luck and Prosperity**: Red envelopes, symbolizing wealth and happiness, are handed out to children. It's thought that this act of giving can bring good luck, health, and prosperity to the receiver's family in the coming year.
3. **Rewarding Children**: Giving money to children during the New Year also serves as a way to show appreciation for their good behavior throughout the year and to reward them for their innocence and happiness.
4. **Paying off Debts**: An old superstition claims that children should have no debts. Giving them money during the New Year helps ensure they are debt-free and financially stable in the future.
In English, the phrase "press money" is derived from the old Chinese custom of "yi qian" (压钱), where "yi" means to press or squeeze and "qian" refers to money. It is often called "lucky money" due to the auspicious nature of the money and the luck it is thought to bring.
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