China Treasury Futures Close Mixed, 10Y Down 0.05%

The mixed close with the 30-year holding flat while shorter tenors slipped suggests a market still anchored by long-duration demand, even as easing expectations persist. The modest declines across 10-, 5-, and 2-year contracts hint at some profit-taking or repositioning rather than a shift in the broader yield trend. What matters next is whether this divergence between long and short ends widens, which would signal changing views on policy trajectory or term premium. The flat 30-year is the key tell—if it breaks lower on sustained demand, it could reinforce the easing narrative; if it follows the shorter tenors down, the market may be pricing a less dovish path.