Legally? No. But if you're willing to risk it and
you *trust* the seller of whatever you're buying,
you might consider converting the money at a
local bank and sending the cash. If you do this,
send only paper bills (no coins that will show up
on X-ray scanners), and go with *nothing* short
of registered mail. Call it a "personal letter"
when they ask you to declare what it is. Do not
insure it for anything. (It sounds stupid not to,
but insurance on a "personal letter" raises red
flags to the customs agents.)

Obviously, this isn't something I advise, but it's
something you can do to dodge the red tape. Keep
in mind that part of the problem with the IPMOs to
China is that we (meaning the US) still have trade
restrictions in place. So sending cash to China
(sans official channels) *is* illeagal.

Needless to say, if you do this and get caught,
make sure to play very, very stupid. ("But the
money fits in the envelope just fine!" *blank
stare* ^_~)

Many Sharp Smiles,
--Drac