It's now possible to buy Bitcoin in China by direct money transfer in yuan to an exchange in China. So Bitcoin is now a way to get money out of China in large amounts. (It beats carrying suitcases of money to Hong Kong.)
This is happening.China still has exchange controls, and the People's Bank of China may clamp down at any time. So there's a rush to get out before it's too late, and before the expected devaluation of the yuan. This seems to be the cause of frantic buying of Bitcoin.
If the PBC cracks down, Bitcoin crashes again. (If the PBC goes the other way and eliminates capital controls, Bitcoin becomes unnecessary.) So, like last time, this is probably temporary.