China Treasury futures close lower; 30-year contract falls 0.94%

The move is a curve-steepening selloff, with duration bearing the brunt: the 30-year contract's outsized decline relative to the short end signals that positioning and duration risk, rather than a uniform repricing of rate expectations, drove the session. That matters for holders of long-duration Chinese government bond exposure, where a single-day move of this size in the longest contract can erode carry quickly. Whether the long end stabilizes or the steepening extends into the coming sessions is the open question worth watching.