China Treasury Bond Futures Close Higher, 30-Year Contract Leads With 0.32% Gain

The curve steepening here is the tell: the 30-year contract's gain is roughly four times the 10-year's, so the move is not a uniform duration bid but concentrated at the long end. That pattern tends to reflect positioning around long-horizon growth or inflation expectations rather than a simple liquidity or policy-rate story, which matters for anyone reading Chinese duration as a macro signal. Whether the long end keeps outperforming shorter tenors, or the curve flattens back, is the open question.