China Treasury Futures Open Mixed; 30-Year Contract Down 0.06%

The split between the long end and the rest of the curve is the tell here: a softer 30-year contract against a marginally firmer 10-year and flat shorter tenors points to duration and long-end positioning, not a broad rates move. The scale is small enough that it reads as noise or routine book-adjustment rather than a repricing of the outlook. Whether the long end keeps underperforming the belly is the open question, since that would say more about term premium and supply absorption than about policy expectations.