China Treasury futures open lower; 30-year contract down 0.16%

The move is small in absolute terms but notable for its shape: the long end is leading the decline, with the 30-year contract falling far more than the shorter maturities, which barely budged. That curve-steepening pattern points to pressure on duration rather than a broad repricing of rate expectations, and it lands on the segment most sensitive to shifts in the growth and fiscal outlook. Whether the long end keeps underperforming the belly is the open question worth tracking.