There are no exchanges in China at the moment, and many exchanges need to exchange renminbi for dollars to trade! Recently, the Chinese government and the rok government have made some policies, which has led to the panic of many investors. I believe that the market will continue to recover after a smooth ride.
In the short term markets are unpredictable because it can move in both directions but in the long run, bitcoin looks very attractive at a current market price. Chinees wants to close all their exchanges and now I don't think any exchanges are still active in China. Once all miners moved to other places where they can get cheaper electricity then prices may start stabilizing.