BEIJING -- China's treasury bond futures closed higher on Monday, with the contract for settlement in December up 0.42 percent to 96.0 yuan ($15.7).

The contract for settlement in March 2015 gained 0.52 percent to close at 96.5 yuan. The contract for settlement in June 2015 edged up 0.50 percent to finish at 96.7 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.