China’s yuan is unlikely to escape its current bout of weakness, even with help from U.S. Treasury Secretary Janet Yellen.

While Yellen’s decision not to name China as a currency manipulator removes a flash point, analysts say that tension between the two countries have moved to strategic issues such as technology leadership. The yuan is also weighed down by other factors including slowing capital flows and a narrowing yield spread with the dollar.

“It takes away one source of pressure, but other areas of tensions with the US remain,” said Dariusz Kowalczyk, chief China economist at Credit Agricole CIB. “The headline will likely provide only temporary support, given that other factors are in the driver’s seat for now.”

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