You yourself said that people might switch to Bitcoin for safety. Depreciating currency helps exporters to find new markets for their goods but ordinary people pay for this with their money losing purchasing power because everything becomes more expensive in that currency, especially imports. Quite naturally that when a national currency starts quickly losing value (depreciating), people start searching for safe havens like gold or dollars. Now Bitcoin seems to be another safe haven, at least to a certain extent.
To a certain extent is definitely right. It's not as stable as most safe havens but it usually doesn't go along with the stock market (stocks go down, bitcoin rises). I think because bitcoin has some years under it's belt at this point people can look at the past and see that it is a true safe haven investment but is a little unstable too (which of course contradict themselves).
Bitcoin has been pretty stable recently showing a tendency of growing up, so if we talk about the ordinary Chinese people looking for safe havens, Bitcoin may be the only viable option for most of them. I don't really know if gold is available to the general public in China besides jewelery, and they might have strict controls as well on buying foreign currencies such as dollar or euro, which also seem to be safe havens (well, at least the US dollar presently).