China Interbank Ultra-Long Bond Yields Rise; 30-Year at 2.0730%

The move is notable less for its size than for its shape: the 20-year and 30-year tenors are now essentially flat against each other, which suggests the long end is being repriced as a bloc rather than on duration-specific demand. Ultra-long special treasury bonds are a direct read on how the market absorbs fiscal supply, so the drift higher matters for anyone tracking sovereign duration in China. Whether the curve continues to bear-steepen from the very long end is the open question, and the 50-year spread over the 30-year is the line worth tracking.