Deutsche Bank has signed an agreement with the State Post Bureau of China, or China Post, to process electronic international money transfers in US dollars and euros. The deal sees China Post connected to Eurogiro, the global electronic payment network operated by post offices worldwide.
Up until now China Post's 150 million retail clients have been limited to transferring and receiving cash from overseas parties through a tie-up with Western Union which has been in operation for 18 months. But the new deal with Deutsche Bank will allow them to transfer money electronically from account to account.
Deutsche Bank is reluctant to estimate the number of transactions that will flow through the system each month,...
