The Chinese calendar is often described, incorrectly, as a lunar one. It is in fact a lunar-solar mix, with an extra lunar month added every so often to stay in line with a wholly solar calendar. This ancient system, some 2,500 years old, is not just an academic curiosity. It has a big impact on economic data. The Chinese New Year holiday, and with it a peak in consumption and prices, scuttles back and forth between January and February (in the Gregorian calendar), complicating the annual comparisons. Every few years-2015 being one-the impact is bigger than most. Thanks to the insertion of a lunar leap month last year, the Chinese New Year holiday falls especially late this February (it begins on the 18th). That astronomical quirk should offer a modicum of comfort to those fretting about the latest Chinese economic data, which, at first glance, portend doom.
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