China's treasury bond futures closed higher on Wednesday, with the contract for settlement in December up 0.06 percent to finish at 99.22 yuan (15.6 U.S. dollars).

    The March 2016 contract rose 0.03 percent to 99.18 yuan, and the June 2016 contract was up 0.05 percent to 99.26 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.