This is actually by design and is default behavior. You need to edit the config file on the agent and set the Clipboard Direction property to correct value:
Interesting, I got the impression from the documentation that two-way was the default. I'll modify that value and see what happens.
Changed the config file and rebooted the node:
[willdunc@htpvis-003b ~]$ cat /etc/vmware/config | grep -i clip
#Set clipboard redirection. Default is 2. 0 means disable; 1 means both direction; 2 means from client to agent only, 3 means from agent to client only.
#Set clipboard maximum size which should be specified in KBytes. Default is 1024 KBytes.
However, clipboard is still only working from client to agent.
Figured it out; you actually have to use CTRL+SHIFT+C or right click and choose copy, instead of just highlighting text like normal in X11.