China bond futures open flat; 10-yr dips 0.01%

The near-flat open across tenors suggests traders are awaiting a clearer catalyst rather than positioning aggressively. The marginal dip in the 10-year and 5-year contracts, against steadier longer and shorter maturities, hints at a slight curve flattening bias without conviction. This points to a market in equilibrium, where the key question is what macroeconomic or policy signal might break the current low-volatility state. For fixed-income participants, the absence of directional momentum itself is notable, as it implies the prevailing stable sentiment could persist until external factors shift.