The IMF has decided that renminbi qualifies for the SDR basket of currencies. The yuan joins the euro, dollar, pound and yen. London has emerged as the European hub for renminbi trading, with renminbi denominated sovereign bonds being sold in London (UK sovereign bonds in renminbi, used to finance Britain's reserves, lead managed by Bank of China, HSBC and Standard Chartered), with Hungary keen to follow suit. The yuan is now the fifth most used currency in international payments according to SWIFT, the first being the USD and the second being the Euro.
