China's Ultra-Long Bonds Hit An 8-Month High As 30-Year Futures Reach 115.18 Yuan
2026-07-28 00:52:52
China's ultra-long-dated bonds strengthened sharply as the benchmark 30-year government bond futures contract rose to an intraday high of 115.18 yuan on July 27, the highest level in nearly eight months, according to 36Kr. Market participants said the move reflected momentum built during a low-volatility period, softer fundamentals, repeated disappointments in reflation bets, China's central bank support for liquidity, and a repricing of compression in ultra-long-end term spreads. They added that the next leg will depend on whether longer-term buyers can take over from trading accounts, given elevated fund duration and government bond supply pressure that has yet to fully play out.
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