I know u have paid 20% of the interest u earn to PRC government as income tax
U can then use this payment to PRC government as tax credit on 1040
u might be able to get some money back from IRS since ur interest income is generally not subject to two countries' income tax
complicated.
But if u move half million RMB back to China, u may have to declare yes, I have a foreign bank account exceeding US$10K, u then probably cannot ignore this issue