China Treasury Bond Futures Open Higher, 30-Year Contract Up 0.21%

The move is concentrated at the long end, with the 30-year contract gaining far more than the 10-year and shorter tenors sitting flat — a curve steepening in price terms that points to duration demand rather than a broad rates rally. That distinction matters for anyone reading Chinese government bonds as a proxy for growth or policy expectations, since the belly and front end are not confirming the signal. Whether the long-end bid persists or fades back toward the rest of the curve is the open question.