TREE NEWS reports: China’s treasury bond futures opened mixed on the session, with the 30-year main contract up 0.05% and the 10-year main contract flat at 0.00%. The 5-year main contract held unchanged from the previous day, while the 2-year main contract also showed 0.00%.
China Treasury Bond Futures Open Mixed; 30-Year Contract Up 0.05%
The curve is doing the talking here: only the longest contract moved, and barely, while everything from 2 to 10 years sat unchanged. That pattern suggests positioning at the long end rather than a broad shift in rate expectations, and it leaves the front end looking inert. Whether the 30-year keeps diverging from the rest of the curve, or the whole strip stays pinned, is the open question worth watching.
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