China Government Bond Futures Open Lower, 30-Year Contract Down 0.14%

The move is notable less for its size than for its shape: the selloff is concentrated at the long end, with the 30-year contract falling far more than the shorter tenors, which barely budged. That curve steepening suggests pressure on long-duration positioning rather than a broad repricing of rate expectations across the board. Whether the long end continues to underperform the belly of the curve is the open question worth tracking in coming sessions.