U.S. Treasury Secretary Janet Yellen said she hoped a meeting between President Joe Biden and Chinese President Xi Jinping would lead to greater interaction on macroeconomic issues between the world's two largest economies, Reuters reported.

She said the purpose of the meeting is to stabilize U.S.-China relations and provide some certainty for U.S. businesses about their future path.

"What I'm very much hoping is that as a result of the president's bilateral with President Xi today, we'll engage in more intensive conversations going forward with our Chinese counterparts about the Chinese economy, global macroeconomic outcomes, and health policies both in the U.S. and China that are impacting those outcomes," Yellen told reporters on the sidelines of the G20 summit in Bali.

Yellen will also meet with People's Bank of China Governor Yi Gan and plans to discuss economic issues, including China's plans to ease restrictions imposed because of COVID-19, which have reduced its production and supply chain, as well as financial problems in its real estate sector.

She said Biden made clear China's national security concerns about restrictions on sensitive U.S. technology and expressed concerns about supply chain reliability. 

"I've discussed repeatedly our concerns that we're overly dependent on China for things like minerals that go into electric vehicle batteries, solar panels. We want a more secure and more resilient supply chain," she said.