China Treasury futures close mixed; 30-year contract up 0.08%

The split between the long end and the front end is the tell here: gains concentrated in the 30-year and 10-year contracts while the 2-year slipped suggest positioning around duration and the growth outlook rather than a uniform rates move. Moves of this size are marginal, so the signal is direction rather than magnitude, and it matters mainly as a read on domestic rate expectations in China's government bond market. Whether the long-end bid persists while the short end softens is the open question to watch.