In particular, it will perform its functions in the following major areas: conducting open market operations in accordance with the operating targets set the by the Headquarters; conducting  1/4  rediscount operations for the commercial banks and other institutions engaging in bill business in Shanghai; regulating the inter-bank markets, tracking the development of financial markets and guiding the innovation of financial products; assessing regional financial stability and financial security; collecting, compiling and analyzing the financial market data; conducting research on monetary policy operation, the development of financial markets and the construction of financial centers; engaging in regional financial exchange and cooperation and conducting international financial business; managing part of the state foreign exchange reserves and gold reserves; and carrying out some of the businesses currently conducted by the PBC Shanghai Branch.
Axel A Weber: The future of banking regulation Dinner speech by Professor Axel A Weber, President of the Deutsche Bundesbank, at the Conference on "The Future of Banking Regulation" organised by Imperial College London and the Deutsche Bundesbank, Frankfurt am Main, 24 September 2009.