China Treasury Futures Open Mixed; 30-Year Contract Up 0.12%

The curve steepening implied by the 30-year contract outperforming the front end suggests duration appetite is returning at the long end rather than a broad rates rally, since the 5-year and 2-year contracts show no movement. That divergence matters for anyone reading Chinese duration as a proxy for growth or policy expectations, because a long-end-led move can reflect term premium or positioning rather than a change in the near-term rate path. Whether the long end continues to lead while the belly and front end stay anchored is the open question.