I used the new foreign card option through Wechat this morning at my local breakfast vendor (the kind of stall where they have a permanent QR code affixed to the wall). Charged 13.5 to my Chase Sapphire Reserve through wechat pay. On the payment screen it said 13.5, with 0.41 fee crossed out. The charge showed up on Chase for $1.88, which implies an exchange rate of 7.181. Today's onshore rate is 7.19, offshore rate is 7.18, so basically no margin on exchange rate.

Pretty good so far.