China Treasury futures close lower, 30-year contract down 0.58%

The move is notable less for its size than for its shape: losses widen steadily from the 2-year to the 30-year contract, a curve-wide repricing rather than a short-end liquidity blip. That pattern points to pressure on the long end specifically, where duration risk is concentrated. For readers tracking the China macro trade, the open question is whether this is a one-session adjustment or the start of a more persistent steepening bias, and whether the long end keeps leading any further moves.