China Treasury futures open mixed; 30-year contract down 0.15%

The curve's shape is the story here: pressure concentrated at the long end while the front end holds flat points to term-premium and duration sentiment rather than a broad repricing of rate expectations. That matters most for long-duration holders and anyone using the 30-year contract to hedge or express views on the growth-inflation mix. Whether the long-end underperformance persists into the close, or the curve flattens back as shorter tenors catch down, is the open question worth watching.