A spokesperson for the Chinese foreign ministry said Beijing has no desire to deliberately manipulate its currency to temper the effect of U.S. tariffs, reports Bloomberg.

Why it matters: Experts says China could use monetary policy to manipulate the yuan's value and offset the effects of Trump's trade war — a strategy Russia has employed to survive Western sanctions, Axios' Steve LeVine reports. President Trump has called out both China and Russia for currency manipulation in the past.

Go deeper:

• China's Russia strategy in the trade fight
• China's non-tariff weapons
• The growing threat of an all-out trade war