China`s hopes of achieving global acceptance for the renminbi have been set back by data showing the share of international transactions in its currency at its lowest level in more than three and a half years. Data from the Swift global bank payment messaging network showed the share falling from 1.85 per cent in September to just 1.46 per cent last month, its lowest level since April 2014. That means the currency`s share has nearly halved since its peak in 2015. Markets had expected its global share to continue rising after the renminbi last year became the fifth currency to be added to the International Monetary Fund`s special drawing rights basket, joining the dollar, euro, yen and pound. The renminbi`s admission was conditional on China becoming more transparent and opening its financial markets. The MSCI`s inclusion next year of China`s A-shares in its global indices continues this trend. China has also been opening its fixed income markets to foreign investors. In spite of these measures and talk of internationalisation, [the reality is that the yuan is becoming less relevant in the international arena", said Sue Trinh of RBC Capital Markets. The reason, she added, was down to [heavy-handed intervention across the financial markets" that has eroded the renminbi`s international appeal. China is weighed down by numerous and conflicting priorities, said Kit Juckes at Société Générale. [Beijing is trying to control capital flows, contain the shadow banking system and prevent a debt crisis, make sure the economy continues to grow, contain a pollution crisis, and promote the internationalisation of the currency," Mr Juckes said. [That`s a lot of priorities which can`t all be achieved at the same time." But its success in slowing capital outflows had helped stem declines in its currency reserves and increased the authorities` control over the renminbi`s value, Mr Juckes added. [A temporary decrease in its use in global payments is probably a price worth paying." The start of the renminbi`s loss of market share coincided with worries about China`s slowdown in August 2015, which triggered the renminbi`s devaluation, followed by another scare in January 2016, said Simon Derrick of BNY Mellon. [The decline seen over the past few months is even more interesting, given the lack of any obvious pressures in the renminbi market. Have we missed something?" added Mr Derrick. The renminbi is now only the seventh most traded currency internationally, behind the Canadian dollar and just above the Australian dollar. The US dollar leads the way, with 39.47 per cent, followed by the euro (33.98 per cent), sterling (7.71 per cent), the Japanese yen (2.92 per cent) and the Swiss franc (1.63 per cent). The euro was the biggest gainer in the latest data, up 1 per cent on the previous month, while the dollar was down 0.3 per cent. Huagong Innovation Technology Co.,Ltd.HGIT is a professional provider of polyurethane automatic equipment and sealing system solutions.The company is located in the beautiful coastal city -Dalian. E-mail:hgcx@vip.163.com,info@hgcx.cn TEL: +86-411-39525022 FAX: +86-411-39525009 Website:http://www.hgcx.cn/en foaming machine CNC PU Seal Pouring Machine Foam sealing gasket machine Foam sealing strip machine (FIPFG) Knurling machine Bridge cut-off machineAluminum thermal barrier potting system Two-color laminating machine for Aluminum PU Sealing gasket Machine Automatic spreading machineDispensing machine Strip feeding foaming machine