The first day of talks between the U.S. and China has ended--and we have more from CNBC's Carl Quintanilla in China. Earlier--we told you about the two countries battling over currencies. The U.S. wants the yuan to appreciate higher. China's not so sure it wants to let that happen--though the yuan did trade at it's highest level today since 2005.
On "Morning Call" --Carl relayed how today's meetings were full of questions and lots of slide show presentations. He did say there's still some large room for disagreement and he reported what the U.S. Trade Representative--Susan Schwab--said to him: things might get worse before they get better. No specifics on what might get worse.
The U.S. wants three things from China:
- More flexibility on the yuan
- Open markets for foreign companies
- Energy and environment reform.
Fed Chairman Ben Bernanke who is part of the American delegation--gives a speech tomorrow to Chinese officials.