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Wi Sung-lac, South Korea’s national security adviser, speaks during a briefing at the presidential office in Yongsan, Seoul, on Oct. 16 regarding crimes targeting South Koreans in Cambodia. / Source: Yonhap News

National Security Adviser Wi Sung-lac said Thursday that discussions with the U.S. Treasury Department on establishing a currency swap line have made “no progress,” whether for a limited or unlimited arrangement.

His remarks tempered earlier optimism from senior economic officials, who had hinted that negotiations were moving in a positive direction. Presidential Policy Chief Kim Yong-beom and Industry Minister Kim Jung-kwan, speaking before departing for Washington, said the two sides had “narrowed differences significantly” on foreign exchange issues, sparking speculation that the U.S. might accept Korea’s proposal for a swap deal.

Wi dismissed that notion. “I am not aware of any new developments on this issue,” he said during a briefing at the presidential office in Yongsan. “While we proposed an unlimited swap, it has not functioned well on the U.S. side. Even if agreed, it would be only a necessary condition, not a sufficient one. There has been no progress.”

He added, “We do not attach significant meaning or expectations to that issue.”

Wi made the comments while briefing reporters on a separate case involving crimes against South Koreans in Cambodia.