BEIJING -- China's treasury bond futures closed lower on Wednesday, with the contract for settlement in December down 0.28 percent to 95.4 yuan ($15.53).

The contract for settlement in March 2015 lost 0.38 percent to close at 95.9 yuan. The contract for settlement in June 2015 dropped 0.3 percent to finish at 96.2 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 and started trading on Sept 6, 2013.