China Treasury futures hit new year-to-date highs across maturities

The move is notable less for any single contract than for its shape: gains scale with maturity, with the long end outpacing the short end by a wide margin. That curve pattern points to duration demand rather than a simple liquidity story, and it affects the full spectrum of rate-sensitive holders, from long-bond traders to shorter-dated hedgers. Whether the long end keeps leading the rally, or the curve flattens as shorter maturities catch up, is the open question worth watching.