China Treasury Futures Open Higher Across Tenors

The broad but modest gains across all tenors signal a coordinated bid for duration rather than a sharp flight to safety, which could reflect expectations of continued policy accommodation or a temporary lull in equity risk appetite. The uniformity of the moves—led by the 30-year—suggests positioning is more about curve steepening or hedge demand than a fundamental repricing of growth or inflation. For market watchers, the key is whether this mild risk-off tone persists into the session and whether longer-dated outperformance continues, as that would indicate sustained demand for long-end exposure amid thin liquidity.