Financial authorities from South Korea and the United States met in Milan, Italy earlier this month for a consultation on their foreign exchange policies.

Reuters, citing an official at the South Korean government, said on Wednesday the talks on May 5 were led by Deputy Minister for International Affairs Choi Ji-young and Robert Kaproth, U.S. Treasury Department's Assistant Secretary for International Finance.

The meeting was held on the margins of the 58th Asia Development Bank Annual Meeting.

During April's "two-plus-two" meeting in Washington involving finance and trade ministers from the two countries, Seoul's finance ministry and the U.S. treasury department agreed to hold separate discussions on the won-dollar market.