China Treasury Futures Open Mixed; 30-Year Contract Up 0.04%

The curve's shape is the signal here: the long end leading while the 10-year sits flat points to duration demand rather than a broad rates rally, a pattern that tends to reflect positioning around the growth and inflation outlook more than liquidity conditions. The moves are marginal enough that they carry little standalone information, so the read is mostly about direction rather than magnitude. Whether the long end keeps outperforming the belly is the open question worth watching.