China's treasury bond futures closed higher on Friday, with the contract for settlement in March, the most actively traded, up 0.6 yuan to close at 93 yuan (15.25 U.S. dollars). The contract for settlement in June closed at 93 yuan, up 0.1 yuan, while the contract for settlement in September went up 0.1 yuan to end at 93.4 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.