Why did bitUSD have a global settlement but bitCNY didn’t?

If you’re like me, you really like BitShares and are heavily invested in it, but this whole global settlement has got me (and a lot of other people) freaked out.

I am looking around the DEX at bitCNY under the Explore tab and it’s all interesting stuff, but I’m asking myself why did bitUSD have a global settlement but not bitCNY?

If the price of BTS went down too low for it to back up bitUSD, why didn’t it go down enough for bitCNY and the other smart assets?

I’m mostly wanting to know: what indicators let you know that a global settlement is approaching?

Is bitCNY close at all to having one as well? How would you know?

Any info in the comments would be very helpful for not just myself but other people who use the margins on BTS DEX but are not super technical with all the aspects of it.

Thanks!