China Treasury Futures Close Higher, 30-Year Contract Up 0.31%

The curve's shape is the story here: gains thin out almost to nothing at the short end and concentrate at the 30-year, which is the opposite of a simple rate-cut bet and more consistent with duration demand or long-end positioning. For RWA and crypto markets, the read-through is indirect — this is a domestic rates signal, not a risk-appetite one, and it says nothing about digital-asset flows on its own. Whether the long end keeps outperforming the belly is the open question.