National security adviser says 'no progress' has been made in Korea-U.S. currency swap negotiations
Published: 16 Oct. 2025, 20:24
![National Security Adviser Wi Sung-lac speaks during a press briefing at the presidential office in Seoul on Oct. 16. [NEWS1]](https://koreajoongangdaily.joins.com/data/photo/2025/10/16/464b34b8-f058-4c1f-975c-e12b9c6304f5.jpg)
National Security Adviser Wi Sung-lac speaks during a press briefing at the presidential office in Seoul on Oct. 16. [NEWS1]
National Security Adviser Wi Sung-lac said on Thursday that there has been “no progress” in discussions between Korea and the United States on establishing a currency swap agreement “whether limited or unlimited in scope.”
Wi, speaking at a press briefing at the presidential office on Thursday, noted that Korea had previously requested an unlimited currency swap with the United States as part of negotiations related to a proposed $350 billion investment fund for U.S.-bound capital.
“I don’t place much meaning or expectation on that matter,” Wi said.
Wi’s comments made clear that a traditional currency swap — in which two countries exchange currencies and then reverse the transaction at a predetermined rate and time — is not currently under serious consideration in the ongoing Korea-U. S. talks.
However, Wi clarified, “I am not the primary source on this matter. I am in a secondary position.”
The economic side of the negotiations is being handled by key Korean officials, including Presidential Director of National Policy Kim Yong-beom, Deputy Prime Minister and Finance Minister Koo Yun-cheol and Minister of Trade, Industry and Energy Kim Jung-kwan. Kim Yong-beom and other delegates departed for the United States on Thursday morning to continue negotiations.
Asked about the outlook for the talks, Kim Yong-beom said, “I view them positively.”
Regarding the possibility of a currency swap, Kim Jung-kwan said, “Many of the misunderstandings and gaps in understanding related to Korea’s foreign exchange market have been significantly narrowed.”
![Kim Yong-beom, right, the presidential chief of staff for policy, and Industry Minister Kim Jung-kwan, left, field questions from reporters at Incheon International Airport, which is west of Seoul, on Oct. 16 before their departure to Washington for trade talks with the United States. [KIM KYUNG-ROK]](https://koreajoongangdaily.joins.com/data/photo/2025/10/16/f175cf4e-0ac5-456b-9189-5387555f4399.jpg)
Kim Yong-beom, right, the presidential chief of staff for policy, and Industry Minister Kim Jung-kwan, left, field questions from reporters at Incheon International Airport, which is west of Seoul, on Oct. 16 before their departure to Washington for trade talks with the United States. [KIM KYUNG-ROK]
Taken together, comments from Wi and the trade minister suggest that while a standard bilateral currency swap is not on the table, other mechanisms — such as use of Korea’s Exchange Stabilization Fund (ESF) or a U.S.-bound investment model based on the won — may be under discussion.
After the press conference, the presidential office clarified that Wi's remarks were meant to indicate that “the two sides have not yet reached an agreement and discussions are still ongoing.”
Wi also shared an expected timeline for U.S. President Donald Trump’s visit to Korea for the APEC Economic Leaders’ Meeting, saying, “He is expected to arrive on Oct. 29 and stay through the 30th.”
A Korea-U.S. summit is likely to take place during that time, Wi added. However, he also cautioned that “it’s still a bit early to announce a confirmed schedule, as there is potential for changes.”
![U.S. President Donald Trump speaks to the press in the Oval Office at the White House in Washington on Oct. 15. [AFP/YONHAP]](https://koreajoongangdaily.joins.com/data/photo/2025/10/16/5574a602-a525-4101-960f-bbf56665257d.jpg)
U.S. President Donald Trump speaks to the press in the Oval Office at the White House in Washington on Oct. 15. [AFP/YONHAP]
Asked whether a summit between Trump and North Korean leader Kim Jong-un could take place during the visit, Wi said, “That possibility is not something I can know, as it would be a matter between the United States and North Korea.” He added that “no such developments are currently known.”
Earlier that day, Unification Minister Chung Dong-young said in a radio interview, “If Trump decides to, there’s a significant chance a North Korea-U.S. summit could take place during APEC.”
Wi’s remarks, however, downplayed that possibility.
The Foreign Ministry also said in a press notice that it had “no information about any specific developments at this time.”
![A notice warning students of overseas employment scams is seen posted on an electronic bulletin board on the campus of Yeungnam University in Gyeongsan, North Gyeongsang on Oct. 16. [NEWS1]](https://koreajoongangdaily.joins.com/data/photo/2025/10/16/6891907d-ad44-4c29-9e95-e5eda2a8fa84.jpg)
A notice warning students of overseas employment scams is seen posted on an electronic bulletin board on the campus of Yeungnam University in Gyeongsan, North Gyeongsang on Oct. 16. [NEWS1]
On a separate issue, Wi relayed that President Lee Jae Myung had instructed officials to respond swiftly to online job postings from Cambodia that are targeting Koreans to kidnap and confine them.
“The president directed the use of the Korea Communications Standards Commission’s emergency review system to consider deletion and other countermeasures,” Wi said.
The judicial authorities will also increase monitoring of online content related to Cambodia. In addition, a senior Foreign Ministry official will arrive in Phnom Penh on Thursday night to serve at the Korean Embassy there until a new ambassador is appointed. The post has been vacant for three months.
Responding to criticism that the government failed to act while crimes against Koreans were occurring in Cambodia, Wi strongly denied the claim.
“Long before this became a major news story last week, the president had already issued multiple instructions to develop protective measures for citizens in Cambodia,” Wi said. “At least four rounds of briefings and presidential directives on the matter were recorded between late July and early October.”
This article was originally written in Korean and translated by a bilingual reporter with the help of generative AI tools. It was then edited by a native English-speaking editor. All AI-assisted translations are reviewed and refined by our newsroom.
BY YOON SUNG-MIN [[email protected]]
with the Korea JoongAng Daily
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