BEIJING, Jan. 16 -- China's treasury bond futures closed higher Friday, with the contract for settlement in March 2015 up 0.33 percent to finish at 97.4 yuan (15.9 U.S. dollars).

The contract for settlement in June 2015 gained 0.32 percent to close at 97.9 yuan. The contract for settlement in September 2015 edged up 0.31 percent to finish at 98.3 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.