China Treasury futures close lower, 30-year contract down 0.43%

The move is notable less for its size than for its shape: losses thin steadily from the long end to the short end, a curve-steepening pattern that points to pressure on long-duration positioning rather than a broad repricing of near-term policy expectations. The 30-year contract carries the most weight here, since it is where duration risk and sentiment on the growth outlook concentrate. Whether the long end continues to underperform the belly is the open question, and it is the part of the curve worth watching for signs of a sustained shift in duration appetite.