TREE NEWS reports: China’s treasury futures opened higher on the day, with the 30-year main contract rising 0.06% and the 10-year and 5-year main contracts each gaining 0.02%. The 2-year main contract was flat versus the previous session. The moves reflect modest positioning across the yield curve at the open.
China Treasury futures open mixed; 30-year contract up 0.06%
The curve's shape carries more signal than the headline move: gains concentrated at the long end while the front end sits flat suggest positioning for a flatter curve rather than a broad rally. The size of the moves is small enough that this reads as routine opening adjustment, not a shift in conviction. Whether the long end keeps outperforming the short end through the session is the open question, since that would point to duration appetite building rather than fading.
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