China Treasury Futures Open Lower; 30-Year Contract Down 0.08%

The move is small and concentrated at the long end, with the 30-year contract falling roughly eight times as much as the 5-year and the 2-year unchanged. That curve shape suggests the pressure is about duration and long-horizon expectations rather than a broad repricing of near-term funding or policy. Whether the long end keeps underperforming the front end is the open question; a flattening of these declines would point to a routine session, while persistent long-end weakness would say more about how the market is pricing the far end of the curve.