China Treasury Futures Open Higher, 30-Year Main Contract Up 0.15%

The move is notable less for its size than for its shape: gains taper steadily from the long end to the short end, a curve pattern that points to duration appetite rather than a broad liquidity or policy signal. That distinction matters for anyone reading the open as a directional cue, since the front end is barely moving. Whether the long end holds its lead through the session, or the curve flattens back as short-dated contracts catch up, is the open question worth tracking.