From an article on zerohedge:
Once again, on a Saturday night (US time), Sunday morning (China) a sudden burst of buying pressure in Bitcoin, driven by Chinese buyers, has spiked the virtual currency higher on dramatic volume. With Bitcoin now trading at its highest level since May 2014 (in Yuan), and up 250% since we first suggested this an outlet for desperate-to-leave capital outflows in September, we note that the ‘arbitrage’ of over 150 Yuan points to massively more demand from Chinese buyers for now.
This is an interesting development for monetary policy, and an interesting development a sort of prediction market about the future of the Chinese economy. The Chinese economy will likely go through a great recession of its own. However driving up the price of bitcoin is an incredible way of measuring perceived risk in future investment, although it is unlikely to harm Chinas exports.