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

The curve-wide but front-loaded shape of the move is the detail worth noting: gains thin steadily from the 30-year down to the 2-year, which points to duration demand rather than a uniform rates repricing. That pattern matters most for duration-sensitive holders and for anyone tracking how China's long-end behaves relative to shorter maturities. Whether the long-end keeps leading the rest of the curve is the open question, and a flattening of that gap would suggest the opening bid was more tactical than structural.