Threats and intimidation on trade will never work on China, its foreign ministry said on Monday, after U.S. President Donald Trump said he was ready to impose tariffs on all $500 billion of imported goods from the country.

A bank teller counting stacks of Chinese currency notes at a local bank in the eastern city of Nanjing.

China also has no need to use competitive devaluation of its currency to aid its exports, Geng Shuang, a spokesman for the foreign ministry, told a daily news briefing.

U.S. Treasury Secretary Steven Mnuchin said last week the United States was monitoring the recent weakness in China's yuan currency and would review whether it had been manipulated.