China Treasury Futures Open Mixed; 30-Year Flat, 10-Year Up 0.02%

The split between the long end and the belly of the curve is the only signal worth extracting here: the 30-year holding flat while the 10-year and 5-year edge up slightly suggests marginal demand concentrated in intermediate maturities rather than a broad duration bid. With the 2-year also flat, this reads as positioning noise in a thin open rather than a directional view on growth or policy. Whether the modest 10-year and 5-year gains persist through the session, or fade like the long end, is the open question.