China Treasury Bond Futures Close Lower Across All Tenors

The curve steepened in loss terms, with the long end taking the brunt while short tenors barely moved — a pattern that points to duration and positioning risk rather than a broad repricing of rate expectations. The signal matters most for holders of long-dated government exposure and for anyone using futures to hedge duration. Whether the long end keeps underperforming the belly is the open question; a narrower spread would suggest this was a one-off adjustment rather than a shift in sentiment.