China Treasury Bond Futures Open Mixed; 30-Year Contract Up 0.05%

The curve is doing the talking here: only the longest contract moved, and barely, while everything from 2 to 10 years sat unchanged. That pattern suggests positioning at the long end rather than a broad shift in rate expectations, and it leaves the front end looking inert. Whether the 30-year keeps diverging from the rest of the curve, or the whole strip stays pinned, is the open question worth watching.