China Treasury futures open higher; 30-year contract up 0.15%

The curve-wide bid at the open, however slight, points to a defensive tilt in onshore positioning rather than conviction about growth. The 30-year contract's larger gain suggests duration appetite is concentrated at the long end, where policy expectations and supply dynamics tend to be most sensitive. What matters is whether this opening strength holds through the session or fades, since early futures moves in Chinese rates often reflect liquidity conditions at the open rather than a durable shift in view.