China bond futures up at morning close, 30-yr leads

The outsized gain in the 30-year contract relative to shorter tenors signals a pronounced bid at the long end of China's curve, which may reflect expectations for sustained low yields or policy accommodation. This steepening action matters for fixed-income traders and institutions holding duration, as it suggests demand is concentrating in longer maturities. The key question is whether this long-end strength persists through the session and into the next, which would indicate a broader shift in rate sentiment rather than a one-off move.