Xinhua Asia-Pacific news summary at 1600 GMT, July 7

HONG KONG -- The Financial Services and the Treasury Bureau (FSTB) of the Hong Kong Special Administrative Region (HKSAR) government announced on Tuesday the commencement of the trial operation of Hong Kong's new central clearing and settlement system for gold, together with a suite of targeted initiatives aiming to build a modern and full-chain gold trading ecosystem.

In tandem with the commencement of the trial operation, the first batch of gold has been successfully deposited into the designated vault, and the first batch of trading and settlement activities has also been completed. Key market participants of the trial operation include banks and financial institutions, mining companies, refiners, jewelers, and others. (HK-Gold)

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BANGKOK -- Thailand's cabinet on Tuesday approved the opening of a new permanent Sadao checkpoint bordering Malaysia, effective from July 11, as part of efforts to boost logistics, trade, investment, and tourism between the two countries.

The new land crossing, located between boundary markers 23/9 and 23/10, replaces the existing one at markers 22-23 and will operate from 05:00 to 23:00 daily, the Thai government said in a statement. (Thailand-Malaysia-Border Crossing)

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WELLINGTON -- A state of emergency was declared in New Zealand's Kaikoura district on Tuesday after the Kowhai River burst its banks following intense rainfall, prompting evacuations and widespread disruption.

Local authorities said residents in low-lying areas were urged to move immediately to higher ground as floodwaters spread across parts of the coastal town, known internationally for its whale-watching industry. (New Zealand-Severe Flooding)

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BANGKOK -- Business leaders from the Asia-Pacific Economic Cooperation Business Advisory Council (ABAC) convene in Thailand's capital Bangkok, urging public-private partnership to maintain sustainable growth amid uncertainties.

The current business environment is becoming more complex, while geopolitical uncertainties continue to affect business decisions, said Thai Prime Minister Anutin Charnvirakul in a keynote address at the third ABAC meeting in 2026. (Thailand-ABAC) Enditem