China government bond futures rise in October; analysts see structural opportunity in ultra-long bonds

TREE NEWS reports: China’s 30-year and 10-year government bond futures rose 0.73% and 0.43% in October through Oct. 23, while 5-year and 2-year contracts gained 0.31% and 0.12%. Tianfeng Securities chief fixed-income analyst Tan Yiming said the accelerated yield decline partly reflects trading on expectations of broad easing and a policy rate “anchor switch,” alongside a real basis for funding rates stepping down, and that the rapid rally may draw regulatory attention. Experts said the bullish logic is not reversed and fundamentals still support the market, though volatility may increase, with ultra-long bonds offering opportunities.