China Treasury Futures Open Higher; 30-Year Contract Up 0.12%

The curve-wide move is more telling than the headline gain: the long end is leading while the short end barely budges, a shape that points to duration demand rather than a broad rates repricing. That distinction matters for anyone reading Chinese government bonds as a sentiment gauge, since a long-end-led rally usually reflects growth or inflation expectations rather than near-term liquidity. Whether the 30-year contract holds its opening premium, or the curve flattens further, is the open question.