From AP, “US-China talks end with wide differences remaining,” reporting on the conclusion of the U.S.-China Strategic and Economic Dialogue:

After two days of talks, the two sides announced a range of modest agreements aimed at increasing sales opportunities for U.S. companies in China. But there was no breakthrough on a key U.S. demand – letting China’s currency rise in value at a faster rate against the dollar. The currency issue gained new urgency in the view of American manufacturers with release of a Chinese government report showing that China’s trade surplus with the world had surged in April.

The yuan has appreciated about 5 percent since the government unfroze the currency last June, but it remains seriously undervalued — by as much as 40 percent, by some estimates.

U.S. manufacturers expressed disappointment at the outcome of the latest talks, saying the small achievements will do little to lower a U.S. trade deficit that hit an all-time high of $273 billion last year.

“This is the Chinese year of the hare but when it comes to fixing their currency, intellectual property theft and investment protectionism, it has been the year of the tortoise,” said Frank Vargo, vice president for international affairs at the National Association of Manufacturers.

The People’s Daily, the official Communist Party organ, hailed the talks, cheering, “China, U.S. co-op in promoting transformation of economic development pattern has significance for future.” The paper also editorializes, “China-U.S. dialogue requires pragmatism.”

And from Xinhua, the official press agency of the government of the People’s Republic of China: