China Treasury futures close mixed; 30-year contract down 0.11%

The split across tenors is the signal here: mild weakness at the long end while the short end holds steady points to pressure on long-duration positioning rather than a broad repricing of rate expectations. The moves are small enough that they read as position adjustments, not a shift in the outlook, and the flat two-year suggests the front end remains anchored. Whether the long end keeps softening while shorter contracts stay firm is the open question, since a widening gap would say more about duration appetite than about policy expectations.