China Treasury futures close lower; 30-year contract falls 0.38%

The move is notable less for its size than for its shape: the selloff steepened along the curve, with the longest contract falling furthest while the shortest barely moved. That pattern points to pressure on long-duration positioning rather than a broad repricing of rate expectations. Whether the long end keeps leading the move, or the curve flattens back as shorter contracts catch up, is the open question worth watching.