Originally Posted by
jiejie
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.
Wiring Forex into a business account will require approval by a firm of auditors who will then make a Capital Adequacy report to the local SAFE who will lock it up in China if they perceive it as "capital". Once recognised as "capital" it cannot be repatriated without a lot of complicated steps to reduce the company's capital....in short, it's a nightmare.
Wiring into personal accounts, as
jie jie states, limited to $50K per person per year and you lose all legal control of funds whilst it is in China (it can be you but you will have to have a valid Chinese Work Permit or Residency to qualify for the $50K limit)
If you're into Forex speculation then forget about shifting it physically into RMB and instead invest in appropriate funds in your country of residency
nickyboy