So to arbitrage, I need to first sell my coins in China, then buy them back outside China.  If you know anything about any part of this plan that might help, please contribute.

To sell in China, I can either use an exchange like BTCChina, or sell for cash locally (localbitcoins?)

Once I have the CNY, I will either wire it to Hong Kong through a friend, or fly the cash to Hong Kong.  I'm not sure what the rules are in order to be able to just wire straight from a Chinese bank account to my US/UK bank account or bitstamp.  I'm a US citizen.

Once I have cash in Hong Kong, I will either wire it to Bitstamp, fly to someone anywhere in the world who will sell me a large volume of bitcoins at the Bitstamp rate, or convert the cash to gold 1oz pandas and hoard them because they are pretty and shiny.

Thanks for any advice.