Yiwubuy, the website of the world's largest consumer goods market, has launched a Hungary operation (hu.yiwubuy.com), General Manager Wang Jianjun announced in Yiwu on June 16.

Yiwubuy belongs to Zhejiang China Commodity City Group, which manages the Yiwu Small Commodity Wholesale Market, the largest of its kind in the world, in east China's Zhejiang Province.

Wang said that the Hungary website, which uses three languages—Hungarian, English and Chinese, will try to find local partners and provide convenience for foreign buyers of China-made consumer goods.

Wang explained that the new website would enable orders placed by local buyers to be handled by Yiwubuy's local partners, including confirmation, payment, inspection, and customs clearance. Moreover, a credit transaction guarantee system will be put in place.

Yiwubuy has e-stores for all 70,000 shops in the Yiwu Small Commodity Wholesale Market on its website, with a unique 360-degree panoramic display that simulates the experience of physical shopping for visitors.

Forex Purchase

China's central bank and financial institutions spent 38.7 billion yuan ($6.21 billion) on foreign exchange purchases in May, a sharp retreat from the 116.9 billion yuan ($18.76 billion) in April, official data showed on June 16.

While the pace has slowed, the figure also marked the 10th consecutive month of net increases.

As of the end of May, Chinese financial institutions' total yuan funds outstanding for foreign exchange amounted to 29.54 trillion yuan ($4.74 trillion), according to the People's Bank of China.

As the Chinese currency is not freely convertible under the capital account, the central bank has to purchase foreign currencies generated by China's trade surplus and foreign investment into the country from commercial banks, adding funds to the money market.

As an important part of China's basic money supply, the data serves as a guide to the central bank's policy moves to adjust liquidity in the market.

The central bank announced earlier this month that it will cut the reserve requirement ratio by 0.5 percentage points for banks engaged in proportionate lending to agricultural and small firms.

Service Outsourcing

Service outsourcing has become a major growth industry in China, with its value reaching 1.7 trillion yuan (about $273 billion) in 2013, said a report released on June 15.

The figure represented about 2.97 percent of the country's gross domestic product last year and contributed 0.8 percent of China's economic growth, said the 2014 Development Report of China's Outsourcing Brand Development.

The industry provides the country with direct and indirect employment of 5.36 million and 17.8 million respectively, said the report.

Last year, it created 1.06 million new jobs, accounting for 8.1 percent of all new jobs in urban China.

The report said that information technology outsourcing dominates China's service outsourcing industry, which also saw rapid growth in knowledge process outsourcing.