I am not even sure if Chinese exchanges' volume is real. It is important to understand that the numbers we see in the exchnage accounts are not the indication of the possession of the real coins. For example, An exchnage owner can create an account for himself and add some fake balance and start trading with it. Since they are not paying any fees, it is very easy for the exchnage operators to manipulate the price and make huge profits out of it. Hope my point is understood. There was a well written article about it but unfortunately could not find it. If anyone knows what I am talking about and read that article, please share it here. Thanks.