China did NOT ban bitcoin.  In fact quite the contrary, they have clarified the status to be a "commodity" not a "currency" -- a good thing since trading commodities is allowed, but using alternate currencies is not allowed.  And they have explicitly stated that people have the right to trade bitcoin individually. 

The exchanges did stop accepting RMB from banks to buy bitcoin temporarily, but the problem was a technical one:  the payment processor the china bitcoin exchanges used to xfer to the banks can no longer trade bitcoin.  So the exchanges scrambled to come up with alternatives.  Two of the china exchanges started accepting RMB again from banks and wire transfer already today (huobi.com and chbtc.com), and btcchina is expected to have their solution ready soon, per their website.

So, I suggest loading up on cheap bitcoin before the news trickles out to the world that China did not, in fact, ban bitcoin !   

Wrong.  The problem was a technical one:  the payment processor the china bitcoin exchanges used to xfer to the banks can no longer trade bitcoin.  So the exchanges scrambled to come up with alternatives.  Two of the china exchanges started accepting RMB again from banks and wire transfer already today (huobi.com and chbtc.com), and btcchina is expected to have their solution ready soon, per their website.

Once again people panic sell on rumor and FUD.

So, I suggest loading up on cheap bitcoin before the news trickles out to the world that China did not, in fact, ban bitcoin !   

Thanks.  I do read Chinese, and to me it is a little vague, and not clear if this applies to BTCchina or not.  This was part of the directive against "3rd party payment systems" (e.g. AliPay) handling bitcoin.  The CEO of BTCchina also does not seem to think it applies to them (though he left the door open for future "clarification" from the government).  BTCchina is registered with the government, and does "Know Your Customer"  (requires ID from customers). 

We shall see in the next few days... but regardless the "underground" localbitcoins style market for bitcoin is already huge in China, and will grow bigger if the government forces it underground by making it too difficult for casual users.  I see this as an opportunity to increase my profit trading bitcoin OTC in China   

In the meantime, I am using this time as a buying opportunity!

I smell FUD.  No one knows what the China government will do in the future, but to date what you said is NOT true .... BTC china is still actively trading.  They have "temporarily suspended" buying bitcoin from banks in RMB.  The official statement from btcchina website (below) says they will provide alternative funding methods.

Provide a source for the claim that btcchina will shutdown by end of January?  This directly contradicts what the CEO of btcchina has said so far.  I live in china, trade on btcchina, and read all the news about bitcoin, including Chinese forums.

Regardless, the big Chinese players (eager to avoid capital controls and stash their pile of money) will always prefer local or OTC transactions, to avoid bank scrutiny.   The local option will just be more lucrative for traders like me 

Here is the official statement (and my translation):
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Dear bitcoin China (BTC China) users: due to well-known reasons, bitcoin China (BTC China) had to temporarily freeze the recharging function, bitcoin charging, coins and currency are not affected, bitcoin China (BTC China) will continue to operate. Please continue to focus on our home page, we will provide other means of recharging. To bring you any inconvenience, we express profound apology. Bitcoin China (BTC China) 2013.12.18
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Dear bitcoin China (BTC China) users: due to well-known reasons, bitcoin China (BTC China) had to temporarily freeze the recharging function, bitcoin charging, coins and currency are not affected, bitcoin China (BTC China) will continue to operate. Please continue to focus on our home page, we will provide other means of recharging. To bring you any inconvenience, we express profound apology. Bitcoin China (BTC China) 2013.12.18
---

Where did you get this information about "Jan 31 to get their money out?"  I live in China, and trade bitcoin in btcchina (and OTC).  I have not seen this information, and I read Chinese.  I think this is FUD.

Regardless, the big players in China will use local and OTC transactions anyway...  better to be anonymous when you are stashing your "hong bao"  (red envelopes, aka "bribes")  and evading capital controls 

Governments and banksters can and will fight bitcoin ... they may slow down the adoption curve by making it inconvenient for casual users, but they cannot stop bitcoin !

Here is the official statement (nd translation) on btcchina website:
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Dear bitcoin China (BTC China) users: due to well-known reasons, bitcoin China (BTC China) had to temporarily freeze the recharging function, bitcoin charging, coins and currency are not affected, bitcoin China (BTC China) will continue to operate. Please continue to focus on our home page, we will provide other means of recharging. To bring you any inconvenience, we express profound apology. Bitcoin China (BTC China) 2013.12.18
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亲爱的各位比特币中国(BTC China)用户：由于众所周知的原因，比特币中国(BTC China)不得不暂时停止人民币充值功能，比特币充值、比特币提现和人民币提现不受影响，比特币中国(BTC China)会继续运营。请大家继续关注我们的主页，我们会尽快提供其他的充值途径。给您带来的不便，我们在此表达深深的歉意。比特币中国(BTC China)2013.12.18

I live in China, and trade bitcoin OTC, localbitcoins, and using btcchina.

I think this is a false rumor:  I have seen nothing to indicate that people are required to withdraw their cash by Chinese New Year.  In fact, the PBOC  (China central bank) explicitly said people can continue to trade bitcoin, but they are treating it as a "commodity" rather than a "currency".  This is actually a good thing, because use of alternative currencies is not allowed in China.

You can still buy bitcoin as usual on btcchina, but selling (convert to Chinese Yuan RMB) is "temporarily" suspended.   Note they explicitly say they will provide "other ways of recharging."  (see below)

My guess is, the suspension will be lifted in a few days, after the rules are clarified, and it will be back to normal.  I think ultimately China will go for the USA model:  try to force all trades through registered exchanges that require proof of identity and use of banks.  This will allow them to track and regulate money exchange.

If I am wrong, and bank transfers are not allowed, then it will simply force bitcoin trade underground.  It will not stop bitcoin.  People like me will make a premium selling OTC and localbitcoins to Chinese who are desperate to buy bitcoin 

The biggest users of bitcoin in China are rich guys who want to move or hide large quantities of RMB.  Bitcoin is the perfect vehicle for them, but they will use OTC trades for anonymity, anyway.

Governments and banksters are afraid of what they don't understand and can't control.  They can fight bitcoin, but bitcoin is bigger than governments, and will continue to grow regardless.

--
Here is the official notice on BTC China, and translation:

亲爱的各位比特币中国(BTC China)用户：由于众所周知的原因，比特币中国(BTC China)不得不暂时停止人民币充值功能，比特币充值、比特币提现和人民币提现不受影响，比特币中国(BTC China)会继续运营。请大家继续关注我们的主页，我们会尽快提供其他的充值途径。给您带来的不便，我们在此表达深深的歉意。比特币中国(BTC China)2013.12.18

Dear bitcoin China (BTC China) users: due to well-known reasons, bitcoin China (BTC China) had to temporarily freeze the recharging function, bitcoin charging, coins and currency are not affected, bitcoin China (BTC China) will continue to operate. Please continue to focus on our home page, we will provide other means of recharging. To bring you any inconvenience, we express profound apology. Bitcoin China (BTC China) 2013.12.18

Here is my first post... and so there is something meaningful:

I followed bitcoin from the early days, and did a little mining in 2011.  Unfortunately due to financial constraints (family and student loans) I did not keep my coins.   

So now I am starting over again, buying in tranches with average price of $850.  But no worries, I am confident bitcoin will reach $10,000+ someday. 

But more importantly, I am a believer in bitcoin.  I see the potential to revolutionize the world.

In the meantime, it is making my life, and life of my friends who are also expats, much easier.

I live in China, and moving changing money from $USD <-> China Yuan (RMB) is always costly nuisance, as is wire transfering money to my US bank with high fees!  Bitcoin makes this so much easier, and I can actually make a profit with each transaction (provided the price stays > 850).

As I need RMB, I sell some bitcoin on btcchina, and also benefit from the arbitrage spread -- price difference between BTC on coinbase in USD and RMB on btcchina.  The difference is narrowing but still there -- often 10%+.

It turns out foreigners can open accounts on btcchina, providing their passport #.  However you can only exchange BTC for RMB, meaning you must have a bank account in China... not difficult to do if you live here, or even visit for some period of time.

With each transaction I try to buy a little more than I sell, of course trying to time "buy low, sell high" as possible.  My goal is to accumulate > 10 coins in the next 3 to 6 months.

Best wishes to all of you, good luck, and may the BitCoin force be with you!