China Treasury Futures Close Lower; 30-Year Contract Falls 0.47%

The curve-wide move, with losses steepening as maturity lengthens, points to pressure at the long end rather than a uniform repricing of rate expectations. That distinction matters for duration-sensitive holders and for anyone using these contracts to hedge longer-dated exposure. Whether the long-end underperformance persists or the curve flattens back out is the open question worth watching.