China Treasury futures open mixed; 30-year main contract down 0.10%

The split between the long end and the short end is the signal here, not the size of the moves. A softer 30-year contract alongside a flat 2-year suggests the curve is doing the talking, with long-duration positioning more tentative than the front end. That matters most for duration-sensitive holders and anyone reading the futures market as a read on growth and inflation expectations. Whether the long-end softness persists through the session, or fades like the shorter contracts, is the open question worth watching.