I guess it one of those panic sales, it happens from time to time, and it is nothing to worry about. Price of bitcoin always fluctuate, it is going up and down and up and down again, it is always like that. Unless you are new to bitcoin and do not know this things. I have also heard that China banned local bitcoin exchanges, and i think that is not truth. Most powerful miners are from china, and it won't be that easy to stop them.
I highly doubt the rumors are true. This is classic FUD, the likes of which were also used in 2014 to manipulate the price of BTC. Here's one example that turned out to be 100% false:
Today, CCB Bank(a Chinese bank) have a secret file leaked, which showed China Central Bank ordered commercial banks to ban bitcoin exchange's account.
This is the detail of this order is here:http://www.yibite.com/article-3819-1.html (Chinese)
Then, like now, there was never any official announcement made. The government never did anything. We are all running around like chickens with their heads cut off, all because of a Caixin article with no sources!
I hope they lose some credibility as a news source after this.