China Treasury Futures Close: 30-Year Contract Down 0.22%

The divergence is the story: selling pressure concentrated at the long end while the short end held flat, a curve-steepening move rather than a broad rates selloff. That pattern typically reflects positioning or duration risk at the longest maturities rather than a shift in near-term policy expectations, which the unchanged 2-year and 5-year contracts imply. Whether the 30-year underperformance extends into the next session, or proves a one-day adjustment, is the open question worth watching.