Held amid a sharper-than-ever conflict on foreign exchange policies, the event has been grabbing global attention on how the members will discuss, coordinate, and settle the currency issue.

The currency conflict began as the U.S. announced to expand its stimulus package by conducting quantitative easing, which would further devalue its currency.

The policy was chosen in a bid to stand up against China as it refused to take in the U.S. claim that the renminbi be appreciated. Experts have been worrying it may lead into a trade war as countries may keep choosing to take trade protectionist measures.

In the face of the deepening trouble, South Korea, as chair country, has been repeatedly stressing it will do his best to see a breakthrough in the currency tension.

Following the session, the leaders will gather for a dinner meeting where they are expected to share views on the issue in a more casual mode.

Wrapping up the first day's schedule, the participants will meet again Saturday for more in-depth talks, scheduled to have sessions of the IMF reform and Global Financial Safety Nets (GFSN), the Framework for Strong, Sustainable and Balanced Growth, Financial Regulatory Reform and other issues.

The IMF quota reform is another hot item at the meeting, on which advanced and emerging economies still seem to be in stark contrast.

Media is also paying attention to whether leaders could make progress in terms of the Framework, where countries are having trouble to balance and coordinate country-level needs and economic conditions in developing detailed plans.

The event will end with a press conference by the chair, where South Korean finance minister will announce a joint communiqu, based on which will be the agenda of the Seoul Summit.