The International Monetary Fund’s inclusion of the yuan into its special drawing rights basket two years ago was hailed by China as a “milestone” and “affirmation” of the country’s financial reform and opening-up, a China Daily editorial said.

The increasing confidence of other countries in the use of the yuan, the fast and steady rise in the yuan’s share of global foreign exchange reserves and China’s unswerving financial opening-up over the past two years have shown that worries about the yuan are unfounded, the paper said. These worries included that the yuan would fail to become a true international reserve currency and that China’s commitment to financial liberalization might falter after its currency was included in the SDR basket.

In the second quarter of this year the yuan accounted for 1.84 percent of global currency reserves reported to the IMF, compared with 1.4 percent in the first quarter and 1.08 percent in the second quarter last year, the IMF said.

China has vowed to further open up its economy. The opportunities for foreign investors and China’s increasingly more dynamic financial market and resilient economy will only increase external confidence in the world’s second-largest economy, which will serve as a solid foundation for growing demand for the yuan.