The news is usually not effective in the market.
South Korea started the same program to regulate the market.
It is difficult to completely ban the encryption of money, but China can control it fairly rigorously.
Obviously they always feel pained in their heart that it is impossible to just rule out the cryptocurrency space completely like that and the best they can only do is to regulate it, not if decentralized exchanges start taking the part of the day in the long run anyway. All the above, a lot of fake news comes from China a lot and the communities are the ones paying attention to this without even verifying anything which makes it possible for some set of people to want to capitalize on the news for their own benefit.