China Treasury Futures Open Mixed; 30-Year Contract Down 0.05%

The split is telling: the only contract showing any movement is the longest-dated one, and it is negative, while the shorter tenors sit flat. That points to pressure concentrated at the long end rather than a broad rates repricing, a pattern worth noting for anyone tracking duration exposure in Chinese government bonds. Whether the long end keeps softening while the belly and front end stay anchored is the open question.