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.
China is manipulate with bitcoin news for years, I get a feeling that all those miners in China actually work for their government. Until now I saw Chinese banning bitcoin several times and soon after changing that decision.
Last year manipulations with bitcoin and bitcash were interesting to watch, we saw how Chinese coordinate attack on bitcoin network, pushing bitcoin price down and bitcash price up, in the same time news from everywhere lead people to dump bitcoins at dropped price and to buy bitcash on top, many people fall on their trick.
I stated before and I will do it again, I don't believe in nothing that comes from Chinese, they are masters in manipulations, communists that is all they know to do.
I can imagine the number of years that china has been having a problem one way or the other with respect to cryptocurrency and in coming years even when things are already getting normal, I am sure we will still keep seeing things like this happening anyway.
If they want to keep manipulating, that is their cup of tea, if the Asian whales want to be spreading fake news, which is also their cup of tea. At the end, who cares expect those that want to jeopardize their positions in the market.