Try getting fiat onto one of the Chinese exchanges- or indeed, getting it out.
One of those times when your 'academic' approach falls foul of reality.
As I said, you need a substantial position at both exchanges (or you find an associate with accounts at the other exchange and agree to split the profits). It is not a game for small investors.
Suppose that the effective exchange rate is 5 CNY = 1 USD.
You buy 1 BTC for 900 USD at Bitstamp when its price is too low. You send the BTC to your associate, who sells it for 5000 CNY = 1000 USD. Now you have temporarily lost 900 USD and he has cashed in 5000 CNY = 1000 USD, so your society has made 100 USD net profit.
Later if conditions reverse he buys 1 BTC for 4500 CNY = 900 USD at Huobi, sends it to you. You sell at Bitstamp for 1000 USD. Counting both operations, you made a 100 USD profit, he made a 500 CNY profit, and you are settled.
What if things do not even out? Suppose you were only able to do arbitrages of the first type above, and at some point you have accumulated a 10000 USD loss while he got a 70000 CNY gain. Supose that at that moment the price is even, 1000 USD = 5000 CNY. Then he buys 12 BTC at 60000 CNY, sends them to you. You sell them at Bitstamp for 12000 USD. Now your net profit is 2000 USD, his is 10000 CNY = 2000 USD, and both are even.
In ny case, each side can easily withdraw his profits in his own currency, without any currency conversion or international money transfers.
Sorry, Jorge but while you're correct in your scenario its not really arbitrage: your scenario is based on making profit by the market moving appropriately, not by exploiting different exchange rates.
I may as well wait for the price to move on Bitstamp and buy and sell there.
Unless you have a contact in China with the appropriate bank accounts, it can't be done. And why would someone in China do it, a Westerner brings nothing to the table needed for the process.
As I said, your academic approach is all very well but you should actually try trading in this environment.