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Macro

China Treasury Bond Futures Close Lower Across All Tenors

China’s treasury bond futures closed lower across all tenors. The 30-year main contract fell 0.20%, the 10-year contract slipped 0.05%, the 5-year contract dropped 0.04%, and the 2-year contract eased 0.02%.

Original source

AI take

The curve steepened in loss terms, with the long end taking the brunt while short tenors barely moved — a pattern that points to duration and positioning risk rather than a broad repricing of rate expectations. The signal matters most for holders of long-dated government exposure and for anyone using futures to hedge duration. Whether the long end keeps underperforming the belly is the open question; a narrower spread would suggest this was a one-off adjustment rather than a shift in sentiment.

Generated by AI for reference only.

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