China Treasury Futures Open Mixed; 30-Year Contract Up 0.09%

The split is the story: gains concentrated at the long end while the belly and short end sit flat suggests positioning around duration and the long-run outlook rather than a broad repricing of rate expectations. That matters most for duration-sensitive holders, including insurers and funds that have leaned into long bonds, and for anyone reading the curve as a growth signal. Whether the long-end bid persists or fades back in line with the rest of the curve is the open question.