I'm in China and speak Chinese:
- The BTC website is still accepting payments from my bank
- I called them and they told me that withdrawals are still happening and I can withdraw FIAT. My guess is that they are cash rich as people putting money in there and withdrawing it overseas.
- Great arbitrage ops at the moment
it probably takes a couple of weeks for the law to be implemented.
coin desk did another article today confirming this news further:
http://www.coindesk.com/sources-confirm-chinas-payment-processor-ban-bitcoin-price-falls/