At the same time, however, it's no longer possible to summarise the stance of policy by reference to the cash rate target alone. Other elements of the policy package have to be taken into account. These other elements affect the transmission mechanism in various ways. Today I'm going to discuss these channels and how they work.
Our goal is to build Shanghai Head Office into a platform for the operation of monetary policy and the monitoring of financial markets, an important window for international exchange and cooperation, and a center for some financial services and related research and development work. Reporter: Just now you mentioned the goal you are seeking to achieve in building the Shanghai Head Office.