The following contains historical information about the Local Currency Code (no longer applicable as of December 2019).
After introducing the Local Currency Code and before implementing some merchants’ accounts receiving payments in CNY, to prepare merchants of the upcoming change of receiving payments in CNY, Wish rolled out the following requirements in 2018:
- If merchants’ Local Currency Code was set to CNY, the localized prices that merchants provided for their products could only be less than or equal to 6.886 times the USD prices (6.886 = December 2018 exchange rate).
- If merchants’ Local Currency Code was set to USD, all existing product prices at the time were already recorded in USD, so no further actions were needed from merchants to update the localized product prices.
As of July 2, 2019 00:00 UTC, some merchants’ accounts began receiving payments in CNY and were subject to the following changes:
- Products that did not have the CNY amount set will automatically be converted over. The new CNY amount will be converted based on 6.7557 times the existing USD amount (this is the average exchange rate from February 27, 2019 to May 28, 2019).
- Orders created after July 2, 2019 00:00 UTC will be paid in CNY. The CNY value is based off the CNY prices of a product as seen on the products page.
- Select policy penalties and amounts will be equal to seven (7) times the USD amount as reflected in each policy. Merchants may view a list of affected policies and detailed penalty amounts in CNY by visiting Q&A no.8 in this FAQ article.
- In the case where a merchant has both USD and CNY order payments, if USD account balance is ever negative, will be converting it to CNY at the time of payment.