I think there are needs of alternative currency to store value for Chinese central government as well as the 1.3 billion Chinese people.

Gold is a good option , but most of gold is store underneath in the USA and regulating by the Federal Government. they might worry about that price will manipulate by the Federal Government. As current news indicate that USA government refused to return back Gold to Germany because audit fraud. As the natural attribute of Gold, it is impossibly to cut apart into small amount for daily transaction.

Lets think about USD, Although Chinese Government hold massive amount of USD as its foreign exchange reserve, in fact , the value of those foreign exchange reserve had decrease caused by the increase value of YUAN. No matter what the reason cause this phenomenon, the consequence of this Chinese people needs another commodity or currency which will not affect by any government manipulate. Bitcoin  is still far distance to carry out this vision today , but remember there are 1.3 billion people seeking alternative things to store there wealth. even 1 million Chinese people had jumped into this market the price will be boost to significantly high.

 the poor performance of Chinese security stock will ultimately causing some of its investors lose faith and finding opportunity some where else.

 Although Bitcoin still not in mainstream, I think this question is only can be answer by time and if it succeed then it will change the way we understand of currency.