The United States and emerging nations are expected to argue over the winding down of the U.S. Federal Reserve's large-scale monetary stimulus when the Group of 20 finance chiefs get together in Sydney on Saturday.

Brazil, India, Indonesia, South Africa and Turkey — the "Fragile Five" countries that have massive current account deficits and suffer from high inflation — are likely to say that the U.S. central bank's move has triggered an outflow of capital from developing nations.

But the United States and some other industrialized economies are set to call on the emerging countries to promote necessary structural reforms at home, such as reducing their current account deficits, regarded as a cause of a sell-off of their currencies.