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Macro

China Treasury Futures Open Mixed; 30-Year Contract Up 0.04%

China’s treasury futures opened mixed on the latest trading session, with the 30-year main contract up 0.04% and the 5-year and 2-year main contracts each up 0.01%. The 10-year main contract was flat at 0.00%. The move reflects modest gains across the curve, led by the long end.

Original source

AI take

The curve's shape is the signal here: the long end leading while the 10-year sits flat points to duration demand rather than a broad rates rally, a pattern that tends to reflect positioning around the growth and inflation outlook more than liquidity conditions. The moves are marginal enough that they carry little standalone information, so the read is mostly about direction rather than magnitude. Whether the long end keeps outperforming the belly is the open question worth watching.

Generated by AI for reference only.

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