The Reserve Bank of Australia (RBA) is Australia's central bank and derives its functions and powers from the Reserve Bank Act 1959. It conducts monetary policy to meet an agreed medium-term inflation target, works to maintain a strong financial system and efficient payments system, and issues the nation's banknotes. The RBA provides certain banking services to a number of overseas central banks and official institutions and it manages Australia's gold and foreign exchange reserves. It maintains representative offices in New York, London and Beijing.