No. Every Chinese citizen can convert CNY to the equivalent of 50k USD per year without special requirements.
Thanks for the correction!
A source:
http://www.chinalawblog.com/2012/07/on-getting-paid-from-china-is-there-really-a-50000-yearly-limit.html (but also heard that from the locals)
Chinese citizens can convert and remit freely up to USD $50,000 equivalent per year. Conversions exceeding the USD$50,000 quota is still possible, but the citizen cannot complete it at a bank counter freely; he or she must apply to the local State Administration of Foreign Exchange for written approval. Chinese banks will not let the extra conversion go without seeing SAFEs approval letter.
However you have to open a special account, running in multiple currencies and deal with an overseas transaction which is far more work than a local wire which goes trough almost instantly and is done in a matter of minutes.
Also receiving back money from the exchange, meaning receiving an overseas transaction might be a real pain... don't know about that exactly, would be interested myself.