China Treasury futures open mixed; 10-year contract up 0.02%

The dispersion across tenors is the tell here: the 10-year contract's modest gain alongside a flat 30-year and essentially unchanged short-end contracts points to positioning at the belly of the curve rather than a broad duration move. Moves of this size are close to noise, so the signal is less about direction than about where activity is concentrated. Whether the long end finds direction, or the 10-year's edge fades back toward the rest of the curve, is the open question worth tracking in the sessions ahead.