China Treasury Futures Close Mixed; 30-Year Flat, Shorter Contracts Edge Lower

The curve's shape is the story here: the long end holding flat while every shorter tenor drifts lower points to a market that isn't repricing duration risk so much as trimming front-end exposure. That divergence matters for anyone tracking China's rates complex as a read on domestic liquidity and policy expectations, since the long bond typically leads on growth and inflation views while shorter contracts track near-term funding conditions. Whether the 30-year's steadiness holds while shorter contracts soften is the open question.