China's treasury bond futures opened flat on Monday, with contract for settlement in June 2014 opening at 92.678 yuan (15.08 U.S. dollars). The September contract opened at 93.142 yuan, up 0.036 yuan. The contracts are agreements to buy or sell treasury bonds at a predetermined price and set date. They allow investors to bet on or 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.