China's treasury bond futures closed lower on Friday, with the contract for settlement in March 2014, the most actively traded, down 0.132 yuan to finish at 91.56 yuan (15 U.S. dollars). The June 2014 contract closed 0.148 yuan lower at 92.052 yuan, while the September 2014 contract edged down 0.092 yuan to finish at 92.454 yuan. The contracts are agreements to buy or sell treasury bonds at a predetermined price and set date. They allow investors to bet on and profit from the movements in the value of the bonds. The treasury bond futures were launched at the Shanghai-based China Financial Futures Exchange (CFFEX) and started trading on Sept. 6, 2013. The CFFEX set the base value for the December 2013 contract at 94.168 yuan, the March 2014 contract at 94.188 yuan and the June 2014 contract at 94.218 yuan.