China Treasury futures open mixed; 30-year contract up 0.05%

The split between the long end and the belly of the curve is the tell here: a firmer 30-year contract alongside a softer 10-year and flat shorter tenors points to positioning at the long end rather than a broad duration bid. Moves of this size are marginal, so the signal is about direction and curve shape more than magnitude, and it matters mainly as a read on sentiment toward long-dated government risk. Whether the long-end bid persists while shorter contracts stay pinned is the open question worth watching.