BEIJING -- China's treasury bond futures closed higher on Friday, with the contract for settlement in December, the most actively traded, up 0.082 yuan to 93.688 yuan ($15.28).

The contract for settlement in March 2014 rose 0.09 yuan to 93.85 yuan, while the contract for settlement in June 2014 gained 0.09 yuan to 93.962 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 September 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.