China's treasury bond futures closed higher on Thursday, with the contract for settlement in June, the most actively traded, up 0.016 yuan to close at 92.628 yuan (15.07 U.S. dollars). The contract for settlement in September closed at 93.046 yuan, up 0.012 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.