The Supreme People's Court issued an approval on the calculation standards for overdue payment interest in foreign currency and Hong Kong, Macao, and Taiwan currencies on the 12th, which will come into effect on February 13, 2025. The person in charge of the Fourth Court of the Supreme People's Court stated that the calculation standard for interest on overdue foreign currency payments approved can be divided into two situations: when the parties have an agreement and when there is no agreement. If the parties have agreed in advance on the calculation criteria for overdue interest rates or have reached a consensus afterwards, the overdue payment interest shall be calculated in accordance with the principle of respecting the parties' autonomy of will. For situations where the parties have not agreed on a calculation standard for overdue interest rates or the agreement is unclear, the approval has determined the applicable interest rate standards for common foreign currency overdue payment interest rates such as US dollars, euros, pounds, etc; For the calculation standard of interest on overdue payments in other foreign currencies, it is stipulated that the benchmark interest rate for that currency published on the official website of the central bank of the relevant country can be referred to for determination. The third article of the approval specifically stipulates the calculation standards for overdue payment interest in Hong Kong dollars, Macau dollars, and New Taiwan dollars. If there is an agreement between the parties, the agreement shall prevail. However, if the interest rate calculation standard agreed upon by the parties exceeds the upper limit of the applicable law for the dispute involved in the case, the excess shall not be supported. If there is no agreement or unclear agreement between the parties regarding the calculation of overdue payment interest, the Hong Kong Interbank Offered Rate, Macau Dollar Composite Rate, and New Taiwan Dollar Basic Lending Rate shall be referred to for determination. (New Society)