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Macro

China government bond futures close higher, 30-year contract up 0.41%

China’s government bond futures closed higher on the day, with the 30-year main contract rising 0.41%. The 10-year contract gained 0.10% and the 5-year contract added 0.06%, while the 2-year contract was unchanged from the previous day’s close.

Original source

AI take

The move is concentrated at the long end, with the 30-year contract outpacing shorter tenors by a wide margin while the 2-year sits flat — a curve-steepening signal that points to duration demand rather than a broad rate-cut repricing. That distinction matters for anyone reading Chinese rates as a proxy for growth expectations or for cross-market RWA and tokenized-yield products benchmarked to sovereign curves. Whether the long-end bid persists without confirmation from the front end is the open question.

Generated by AI for reference only.

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