Does Chinese New Year impact the Chinese money supply (M0)?

Speculation ahead: I do not have any background in economics. In China every year, the supply of cash in circulation (M0) shoots up by ~10% for one month, then drops back down. This seems to be because of Chinese New Year: Traditionally, "red envelope" cash gifts are given to children during Chinese New Year, which would require withdrawing cash. If you look at the interactive version of this…