China Treasury futures open higher, 30-year contract up 0.07%

The move is small and uniform across the curve, which suggests positioning and carry rather than a fresh macro catalyst. The 30-year contract's larger gain points to the long end drawing the most demand, a pattern worth noting for anyone tracking duration appetite in onshore Chinese rates. With the shorter tenors barely budging, the open reads as a modest steepening of conviction at the long end rather than a broad rally. Whether that long-end bias persists through the session, or fades as liquidity deepens, is the open question.