A report says the Chinese yuan will replace the Japanese Yen in fourth place on the list of international currencies.

The report is published by Renmin University and Bank of Communications.

It also points out that RMB is likely to be included in the Special Drawing Right currency basket this year.

By the first half of this year, the RMB internationalization index stands at 2.9 percent, less than one percentage point lower than the internationalization index of the Yen, which is ranked fourth on the list.

For more on the internationalization of RMB, we are now joined by Mike Bastin, director of China Business Center based in London.