China Treasury futures close lower; 30-year contract down 0.22%

The move is notable for its shape rather than its size: the decline steepens with duration, with the long bond leading and the short end barely budged. That pattern points to pressure on the long end specifically, not a broad repricing of rate expectations, which matters most for holders of duration-sensitive exposure. Whether the curve continues to bear-steepen, or the long end stabilizes, is the open question worth tracking.