China Treasury Futures Close Mixed; 30-Year Up 0.03%

The near-total absence of movement across the curve — with the 30-year the only contract to register any gain at all — suggests a market waiting on a catalyst rather than repricing risk. The marginal long-end firmness is the one detail worth noting: when the longest duration leads even slightly, it usually reflects positioning around rate expectations rather than a broad directional view. Whether that long-end bid persists or fades into the next session is the open question.