Policy coordination in response to the recent turmoil in some emerging markets will likely be among the main topics for discussion at this week’s meetings of G20 policymakers, South Korea’s Ministry of Strategy and Finance said on Monday.

Finance ministers and central bank chiefs from the Group of 20 major economies will meet in Sydney, Australia, on Feb. 22-23. Bond, currency and stock markets in developing countries have swung wildly in recent months as the U.S. Federal Reserve’s tapering of its quantitative easing program and concerns about a rapid slowdown in China spooked investors.

The South Korean finance ministry also said in a statement the G20 will discuss how to proceed with the International Monetary Fund quota reforms after the U.S. Congress rebuffed a spending bill required to pay for the planned changes in January.

Seoul has been maintaining that the country would not be hard hit by the latest turmoil in the emerging markets. It also claims to be immune to exchange rate fluctuance.

On Feb.13, the central bank said that a recent spike in domestic deposits of the Chinese yuan in South Korea was not a major cause for concern, suggesting that no serious measure was planned to limit local yuan accounts.

South Korean policymakers have been monitoring the surge in yuan holdings, which became popular as domestic investors sought the comparatively higher yields offered by the currency. (Reuters)