ybc: the yuan doesn’t have to float for it to be convertible. You can convert it at the fixed exchange rate. The downside is the bid-ask spread in banks, which will eat a big chunk of your funds every time you get in and out. This spread may be higher than for european currencies.
Once you open a bank account in China, you can wire money to/from your US bank. China being a communist country, there may be added paperwork delaying the process.
