China Treasury Futures Open Mixed; 30-Year Contract Up 0.09%

The curve is doing the talking here: gains concentrated at the long end while the front tenors sit flat points to duration demand rather than a broad rates move. That matters for anyone reading Chinese government bonds as a proxy for growth and policy expectations, since the 30-year is where conviction shows up first. Whether the long-end bid holds through the session, or fades like a thin open often does, is the open question.