Group of 20 financial leaders met in Gyeongju, South Korea on Friday, seeking an agreement on a common path to manage currency, trade and macroeconomic imbalances. This meeting was to prepare the agendas for the leadership meeting in Seoul next month.
The United States wanted the emerging markets to commit to cutting their current account surpluses and allowing their currencies to rise.
A G20 source said there was stiff opposition to the U.S. proposals.
Meanwhile, more than a hundred protesters gathered at a train station in Gyeongju where the meeting is taking place.
The protesters denounced the meeting as merely a show that would not produce any tangible outcomes. They say the G20's methods of solving the global financial problems are detrimental to the poor.
[Jung Hee-sung, Protest Leader]: (Korean, male)
"The solutions to the financial crisis being discussed in the G20 meeting, are unilaterally and forcibly pushing all the responsibilities onto people like us. Therefore, we're strongly against the meeting."
Investors are keeping an eye on the result of the G20 finance minister meeting, with few expectations of a universal deal on global imbalances and currencies.