Short answer to your question is NO, it ain't that easy. Long answer includes some specifics you need to be aware of:

1) In personal accounts on the Chinese mainland, there is a limit of USD $50,000 PER YEAR (or equiv in other foreign currency) that can be converted INTO RMB. Anything more than that requires permission from SAFE (Chinese governmental body in charge of forex issues), and believe me, you don't want to go there. Conversions require passport presentation of the account owner and cumulative conversion for the year is checked via central computers on that passport number. I am told that now this can prevent the gambit of opening multiple personal accounts in multiple banks in order to transfer large total sums. Also, if you are wiring to someone else's personal account, be darn sure you trust them, as once the cash in their account, you have no recourse and no protection under PRC law.

2) If wiring INTO business account, there might be more leeway on total amount that can be converted per year, but also more tracking and less direct control over the money. There are still some reconversion issues involving lots more paperwork and the involvement of taxation and other local govt authorities.

3) You don't say where you are from, but let's assume the USA (or most other developed countries that are members of the OECD). If you are wiring that large a sum of money, even in chunks, overseas to another account that is not also in your name, expect to get some probing from your bank. From the USA, amounts over $10,000 not going to an overseas account in your name require the US Treasury FinCen form to be filled out. Other countries may or may not have similar reporting or threshold amounts, depends where you are wiring from.

4) Converting foreign currency to RMB should generally be considered a one-way street, though eventually this will probably change. (Yeah, we've been waiting for at least 5 years now.) For the type of cash amounts you are talking about, and assuming regulations for reconversion and currency export do not liberalize, there are ways to get it out. But usually it involves a middleman taking a % cut of the money to move it out for you (typical is 5% but it can vary). A layer of complication that you may not be equipped to deal with unless you or a trusted agent are personally in China to deal with.

5) Consider looking into Hong Kong banks instead of mainland. If you already have an account, especially a premium account, at a bank in your country, you may be able to reasonably easily open a HK account. Many HK banks have multicurrency accounts that can handle USD/EU/HKD/etc. plus RMB. But look very carefully into the RMB conversion-reconversion rules there. HK banks operate under different regulations than mainland PRC banks, and they have a highly developed legal and financial system that allows free movement of money around the world.

6) rkkwans method works, especially in southern mainland areas near Hong Kong, but not for the kinds of amounts you are talking about and not without some risks.

7) If you are doing this strictly for currency speculation reasons, you might find it more expedient to deal with an exchange-traded fund in your own country that invests heavily in RMB. If doing this for business investment, that gets too complicated for this thread. And if you are laundering for the Mob or hiding cash from a vengeful soon-to-be-ex, well...let's not even go there!