[_ncyj]

Personal anecdote but the reason there's so much money laundering done by the Chinese is due to how difficult it is to legally convert from CNY to USD. The government has a ton of limits in place to limit outflows. People that work in China with families outside almost always have to resort to going through money laundering services that take Yuan and send you other currencies through front shops inconspicuously named like "Yao Repair Shop" or "Lim Tyre Company".

[alephnerd]

This is pointed out in the article as well, and +1 on that anecdote.

The $50K limit really incentivized a lot of bad behavior, and turbocharged the shadow banking that itself played a role in the growth slowdown in China.