China Treasury Futures Close Mixed; 30-Year Contract Down 0.08%

The split session points to a modest steepening bias, with the long bond underperforming while shorter tenors hold small gains — a pattern that often reflects positioning or supply considerations at the far end rather than a broad shift in rate expectations. The move is small enough that it says more about relative curve dynamics than about the overall direction of Chinese government bonds. Whether the long end continues to lag the belly is the open question, and it is worth watching how the 30-year contract behaves relative to the 10-year in the sessions ahead.