China's treasury bond futures closed lower on Thursday, with the contract for settlement in June down 0.036 yuan to close at 92.536 yuan (14.925 U.S. dollars). The contract for settlement in September dropped 0.046 yuan to close at 92.966 yuan, while the December contract went down 0.046 yuan to end at 93.106 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.