Some of this news are true, most of it is FUD. But even if China bans crypto entirely, and that is not very likely, there will always be some solution for people in China that want to deal with crypto. They will just need to turn to cryptocurrencies that enable them to use it regardless of restrictions.
I know that DeepOnion has integrated latest TOR protocol with OBFS4 and Meek that allows it to be used in China without issues. This was tested and reported as successful by number of users.
So it will be up to developers of cryptocurrencies to enable people in China to use them. It is only a question if there is enough knowledge and will to do it.