The disconnect is staggering, no? I mean, I got used to mtgox prices being 10% higher than bitstamp, but right now it's more than 20%, and China's price is just plain unreal considering how much lower Bitstamp is.
What do you expect to happen? China pulling the rest up again, or the Bitstamp pulling everyone down? Or will it stay the way it is? After all, arbitrage between exchanges seems to be slow and not very effective in the past.
Just another theory of mine:
Chinese buying BTC to transfer money/wealth oversea. Guess where do they dump their coins?
Ummm... it seems like there are much cheaper options for getting their money overseas. It seems unlikely to me that they take a huge haircut (>$1000 -> <$750).
I think the more realistic scenario is that foreigners (non-chinese) will transfer their BTCs over to BTC China seeing they can get over $300 more per Bitcoin at the moment than Mt. Gox. This will level out the market in between MtGox and BTC China. The rest of the world will adjust the Chinese market price. I think a lot of Chinese buyers on BTC China are about to get burned.