The mechanic seems something like this: 1) Yuan is loosing buying power 2) Chinese buy all BTC that they can pushing up BTC/CNY 3) When BTC/CNY is too high they are buying dollars to buy BTC pushing up also BTC/USD
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Now, if you consider this chart from 2016-05-05, both USD/CNY and BTC/USD reached a 70% increase in value (the gap is closed).