The Yiwu Market is located in the Jebel Ali Free Zone in Dubai. [Photo/Yiwu Media Center]

Zhejiang Yite Network Technology Co, located in the Yiwu International Trade Market Area 4, received a cross-border Renminbi payment from a Saudi Arabian customer through Yiwu Pay, China Commodity City Group Co announced on Dec 6.

It was the first RMB cross-border transaction operated by Yiwu Pay, a third-party payment company of China Commodity City Group Co.

One executive from China Commodity City Group Co said that the move was supported by a report on China-Arab cooperation in the new era issued recently by the Chinese Foreign Ministry. The report encourages qualified financial institutions in China and Arab countries to establish branches and carry out business cooperation in multiple fields.

Yiwu is the world's largest distribution center for small commodities, driving the development of more than 20 industrial clusters and 2.1 million small, medium and micro-sized enterprises across the country. The city exports products to more than 200 countries and regions. In the first three quarters of the year, the city's foreign trade increased by 29.9 percent year-on-year to exceed 354.19 billion yuan ($50.71 billion).

The Middle East and the Arab region have long occupied an important position in Yiwu's foreign trade structure. The Yiwu China Commodities City, the world's largest wholesale market, launched its first overseas branch - the Yiwu Market - in Dubai, the United Arab Emirates, on June 30.

This year marks the 40th anniversary of the establishment of Yiwu's wholesale market for daily commodities. Yiwu has developed a mature supply chain of daily consumer goods with the agglomeration advantages of business, logistics, capital, and information.