(UPDATE) WASHINGTON, D.C.: United States Treasury Secretary Janet Yellen is set to visit Beijing this week, marking the second trip by an American Cabinet official to China since ties between the world's top two economies deteriorated earlier this year.

Yellen is expected to discuss with her counterparts the importance for both countries 'to responsibly manage our relationship, communicate directly about areas of concern, and work together to address global challenges,' the US Treasury Department said in a statement on Sunday.