The agreement between President Donald Trump and North Korea's Kim Jong Un in Singapore represents a "big day" for China, two former U.S. diplomats told CNBC on Tuesday.
"China would love American troops to be gone from the Korean Peninsula," Wendy Sherman, a former undersecretary of state for political affairs, said in a "Squawk Box" interview.
In her role, Sherman oversaw several bureaus, including East Asia, the Near East, South and Central Asia.
"China understands that this discussion is not just about North Korea, it's about the future of Northeast Asia," added Sherman, who was a special advisor to former President Bill Clinton. "China wants to be in charge of it."