Chinese New Year for 2016 is on the 8th of February: 2016 Year of the Red Fire Monkey.
In Chinese Astrology each sign is represented by an animal. There are 12 animal signs in total, each corresponding to a Lunar year, with each sign also having 5 elements (Wood, Fire, Earth, Metal & Water). In certain years, particular elements are more prominent. For instance in 2015, the ‘Wood’ element was very prominent so therefore it was the 2015 Year of the Wood Sheep. In 2016, the "Fire" element is more prominent so therefore it is 2016 Year of the Fire Monkey.
As Chinese Astrology is one of the oldest types of Astrology, the origins of naming the years after animals is unknown. But a popular legend is that Buddha (c.563-c.483 B.C) invited all the animals to visit him, and as a demonstration of thanks to those who came, he dedicated a year to each of the animals according to the order in which they arrived: Rat, Ox, Tiger, Rabbit, Dragon, Snake, Horse, Sheep, Monkey, Rooster, Dog and Pig.