China Treasury futures open higher, 30-year contract up 0.15%

The curve's shape is the story here: gains are concentrated at the long end, with the 30-year far outpacing the shorter contracts. That points to duration demand rather than a broad liquidity-driven bid, a distinction that matters for anyone watching how Chinese sovereign risk is being priced. Whether the long-end outperformance persists through the session, or fades as it has in past opens, is the open question.