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Is it illegal to own three million dollars?
It is not illegal for an individual to hold a large amount of foreign currency as long as he abides by the Regulations of People's Republic of China (PRC) on Foreign Exchange Control and other relevant laws and regulations.

People's Republic of China (PRC) Regulations on Foreign Exchange Control Article 3 Foreign exchange as mentioned in these Regulations refers to the following means of payment and assets that can be used for international settlement expressed in foreign currencies: (1) Cash in foreign currencies, including banknotes and coins;

(2) Foreign currency payment vouchers or payment instruments, including bills, bank deposit vouchers, bank cards, etc. ;

Foreign currency securities, including bonds and stocks;

(4) Special drawing rights;

(5) Other foreign exchange assets.

Article 4 These Regulations shall apply to the foreign exchange receipts and payments or foreign exchange business activities of domestic institutions and individuals, and the foreign exchange receipts and payments or foreign exchange business activities of overseas institutions and individuals in China.