According to this, The People’s Bank of China has released a new regulation against Bitcoin transaction services, after a meeting with representatives from commercial banks and third-party payment service providers.

"The bank released a statement in March 2014 that revealed its position against providing Bitcoin transactions, namely that banks and third-party payment companies cannot provide services for Bitcoin transactions, demanding that existing accounts for such transactions be cleared by 15th of April 2014. Still, Bitcoin platforms continued to function as usual, with almost 20 organizations enabling services in digital currencies."

"Currently, providers such as Alipay embraced the new regulation and stated that it will not provide value-added services and cash withdrawal services for virtual currencies such as Bitcoin."

"After introducing the new regulation, Bitcoin trading platforms such as BTC China, OKCoin and Huobi will mainly offer two ways for adding value denominated in the CNY: one through bank transfers and the other through the sale of value-added codes on ecommerce stores."