Arthur Hayes just wrote his opinion on this

TLDR

Hong Kong is losing Asian finance hub race to Singapore due to COVID and other CCP policies. With all the early crypto exchanges fleeing Hong Kong along with top talent. This is China’s back door way to get back into the crypto space and to wind down their USD balances. How? Getting common Chinese to sell CNY to buy USD to buy Bitcoin and the Chinese central bank buys CNY with USD. To keep CNY stable