China Treasury Futures Open Mixed; 30Y Edges Down 0.01%

The near-flat open across tenors signals a market in a holding pattern, with the slight divergence between the long end and shorter maturities suggesting mild caution on duration risk rather than a broad directional move. The 30-year's marginal decline, even as shorter contracts tick up, hints at persistent sensitivity to long-end supply or rate expectations. For market watchers, the key is whether this intraday divergence deepens into a steeper curve or reverts to synchronized movement, which would clarify whether positioning is adjusting or merely consolidating.