China treasury futures open higher, 30-year contract up 0.17%

The move is notable less for its size than for its shape: gains taper from the long end to the short end, a curve pattern that suggests positioning for a softer growth and rate outlook rather than a broad liquidity event. It matters for duration-sensitive holders and for anyone reading Chinese rates as a proxy for domestic risk appetite, since a firmer long bond often sits alongside cautious sentiment elsewhere. Whether the long end keeps outperforming the belly through the session is the open question.