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

The curve's modest long-end bid, with the 30-year leading and the 2-year flat, suggests positioning rather than a broad rates repricing — a quiet session where duration carries the marginal signal. Moves this small say little on their own; the more telling question is whether the long-end premium persists if shorter tenors stay pinned, which would point to term-premium or duration-demand dynamics rather than a policy or growth read. Worth watching whether the curve continues to steepen or flatten from here.