China Treasury futures close higher, 30-year contract up 0.29%

The curve of gains here is the story: the long end moved far more than the short end, a pattern that typically signals investors positioning for a softer growth and rate outlook rather than a broad liquidity-driven bid. The near-flat two- and five-year contracts suggest the move is about duration and risk sentiment, not front-end funding conditions. Whether the long-end outperformance persists, or fades as it has in past rallies, is the open question worth watching.