China Treasury futures open lower; 30-year contract down 0.22%

The move is notable less for its size than for its shape: the decline is steepest at the long end and fades toward the short tenors, a curve-steepening pattern that points to pressure on duration rather than a uniform flight from the market. That distinction matters for anyone watching how domestic rates expectations are shifting, since long-dated contracts are the most sensitive to the outlook. Whether the long end keeps leading the move, or the whole curve settles back into a flatter pattern, is the open question worth tracking in the sessions ahead.