China Treasury futures open mixed; 30-year contract down 0.16%

The curve's shape is the story here: the long end is leading the move while the short end barely registers, a pattern that points to duration and long-term growth or inflation expectations rather than any shift in near-term funding conditions. This matters most for duration-sensitive holders and for anyone reading the futures market as a gauge of policy expectations. Whether the 30-year underperformance extends into the cash session, or fades as it has on other mixed opens, is the open question worth watching.