And the Air Transport Association, which represents the U.S. airlines that fly to China and others including Delta Air Lines and US Airways, says the air travel agreement produced in the talks is an "important first step" but ultimately wants the discussions to yield an "open skies agreement" with virtually no government intervention of flights between the two countries.

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But first, let's take a step back and ask why one is focusing on yield rather than total return.

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At that time the implied three-month yield stood at 2.05% and represents a retrospective step to January when the futures contract last traded at that price.

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While the search for better investment returns goes on, however, it's important to step back occasionally to appreciate what makes possible a net yield to be fought for instead of a zero sum to be fought over.

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