This is pretty much the whole story right here...
" NIFA official Li Lihui told a technology conference in Shanghai on Friday that a goal of Chinas monetary regulation is to ensure that the source and destination of every piece of money can be tracked. "
Bitcoin is the mortal enemy of '
tracking'. Therefore China is going to continue to assault Bitcoin from every angle. You can be sure of that.
That's probably the main reason as to why China literally hates bitcoins: it's virtually untraceable to the original holder heck even the creator of bitcoins are untraceable. That must've caused a mass panic in the economical system of China because of how people earn money straight from thin air.