Before Entry

Foreigners with cash exceeding the equivalent value of USD 5,000 shall declare this to Customs in written form, except for those who travel multiple times on the same day or in a short period of time.

After Entry

Dealing agency—Banks (do not exchange foreign currency with unqualified individuals and companies).

Required documents — your valid ID document(s)

Monetary Limits — Each person has an annual foreign exchange quota equivalent to USD 50,000 for foreign exchange settlement. Within the quota, you can exchange foreign currency at the bank with your valid ID document. If it exceeds the quota, you need to bring your valid ID document with related supporting materials to the bank. In addition, if you hold a foreign permanent ID card, an annual quota equivalent to USD 50,000 for foreign exchange settlement and purchase is applicable.

Note: The above information is from “Welcome to China” and  only for reference.