The Chinese word for to wave is
挥手

huī shǒu

Chinese Definition

wave
1. 浪
2. 波浪
3. 波动状态
4. 波
5. 激昂
6. 挥动信号
7. 电发
8. 海
9. 浪潮
10. 浪头
11. 阵
Components
挥
1. Simplified form of 揮
手
1. hand
2. expert; master
高手 - master
3. -ist; -er
歌手 - singer
4. convenient; handy; portable
手機 - mobile phone
手冊 - handbook
5. handwritten
6. (Min Nan) luck in gambling
7. (Mainland China Hokkien)
8. (Taiwanese Hokkien) hidden part (general)
9. (finance)
10. usage. In many varieties of Chinese south of the Yangtze River, 手 refers to the arm and hand collectively.

招手
1. v. to wave one's hand; to beckon

波浪
1. n. wave (moving disturbance in the level of a body of liquid)

波
1. wave; breaker
2. undulation
3. (physics) wave
聲波 (shēngbō) - sound wave
微波 (wēibō) - microwave
4. (Sichuanese, including, Chongqing and Neijiang) elderly person
5. Short for 波蘭, Poland
6. Short for 波斯, Persia
7. Used in 波羅 (,) Alternative form of 菠蘿
8. (Cantonese, Leizhou Min, Hainanese) ball
9. (Cantonese) ball game, especially football
10. (Cantonese) team in a ball game, especially football
11. (Cantonese) automotive gear, gearbox; transmission
低波 - low gear
12. (Hong Kong Cantonese) typhoon signal (issued by the Hong Kong Observatory)
八號波 - Typhoon Signal No. 8
13. (chiefly Hong Kong Cantonese figurative) boob; breast
14. (Hong Kong Cantonese) ball; dance party
15. (Hong Kong Cantonese figuratively, always with the classifier) responsibility
16. Variant of 簸

浪
1. wave
2. something resembling waves
麥浪 - billowing wheat fields
3. to be unrestrained
浪費 - to waste
4. dissolute
浪蕩 - dissolute; dissipated
狂蜂浪蝶 - lascivious men
5. (dialectal Mandarin or slang) to amuse oneself; to have fun; to go out; to hang out; to stroll
6. (literary) in vain
7. Only used in 滄浪 (, 浪浪)
8. (Wu) on; above
衣裳擺辣床浪。 - tr=1i zaan&2pa&5laq&3zaan&3laan, Put the clothes on the bed., SH, ref=2007, Qian Nairong, 上海话大词典, page 8