The International Monetary Fund (IMF) has another reason to consider adding the Yuan to its reserve basket as London City reports that international trade with the Chinese currency has doubled in 2014.

The Daily Mail reported that London City's trade with the Yuan for 2014 has increased by at least 143 percent compared to 2013.

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The nearly twofold increase in the volume of Renminbi traded by the London City Corporation evidently shows the growing economic relations between Great Britain and the People's Republic of China.

Mark Boleat, London City's policy making head, said the city's Yuan currency exchange market has gotten more sophisticated as more players joined in.

He also mentioned that London's Renminbi trade will continue to increase if the IMF adds the Yuan in its basket of currencies with Special Drawing Rights (SDR).

Reuters reported that the IMF is examining the Yuan's ability to be used freely and if the currency can gain worldwide acceptance internationally.

One of the proponents for adding the Yuan in the IMF's basket is Chris Brummer ,who works for the Atlantic Council, a think tank organization. He believes that the Yuan is a currency that has become "stable" enough for use by major governments across the world as well as the International Monetary Fund, according to ECNS.

Many currency experts believe that the Yuan should be granted SDR by the IMF. But many are unsure how much weight should be assigned to the Yuan in the SDR or what kind of actions the Chinese government should take to make this goal attainable.

Since 2008, many financial institutions started adding Renminbi in their international currency trading accounts. The Chinese Yuan has reportedly been one of the most used currencies worldwide this year.  

Boleat believes that China will continue to institute the needed economic measures to facilitate the Yuan's entry to the IMF's basket.

While London City attained a double digit trade volume for the Yuan, that volume pales in comparison with the Hong Kong's Renminbi currency trade. London City's average day trade of Renminbi amounts to more than $61.5 billion as of 2014, while Hong Kong trade volume for the same period was around $142 billion.

Tagsyuan, International Monetary Fund, Yuan IMF Special Drawing Rights (SDR), Foreign exchange market