1. if you hold H1B visa and physically lived in the U.S. over 183 days, you
need include all of your incomes in your tax return, even if the income
arose from foreign sources.
So, the interest income from China is taxable income for you.
2. you need file TD 192 Form to IRS to report your foreign financial account
information, if at any time of the past year, the balance in this account
was over $10,000.
This form is just for report purpose, and there is no tax on that balance.
However, if you do not report it, it may result into civil penalty.
3. If you "give" the money to your parents as gifts, and they deposit into
banks for interest, the interest is not taxable on your return.
4. the "gifts" gave by parents to their children are tax free as long as the
amount of the gifts is less then $52,000 (for couples).