I'd agree that some of the rise in bitcoin is due to Chinese demand for moving money. I'd also think that this regulation would probably be bullish for Bitcoin going forward, as its probably will remain the best option for moving money outside the $50,000 limit. Or, at least, other crypto that you will need BTC to move in and out of will be.
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The only problem is that the exchanges will be required to report withdrawals to the authorities as well.
Yes, it will be far from perfect. But, I imagine you'll see the Local Bitcoins traffic spike right back up, and the market will always find ways to launder money. The amount of people that launder will be mostly based on how likely they are to be caught and how easy it is. I think crypto does make it both easier to do and easier to get away with than before Bitcoin was an option.