See the graph here showing the relative price of OKCoin CNY to BitFinex (USD):
Note how as the price has fallen from the $500 peak, the premium on CNY exchanges has fallen. If ever there was any doubt that the Chinese drove the bull-run and have now been responsible for deflating it, this should clear it up!
The question now is, with the premium down to flat/discount, are we priming for a new push upward, or is it a sign of a bear market for the coming future?
We'll see. Remember if you want to trade futures, check out List of Futures Exchanges or trade margin at Spot Exchanges. You can also trade Bitcoin on CFD sites that do not have any orderbook.