China treasury bond futures open higher Wednesday

China's treasury bond futures opened higher on Wednesday, with contract for settlement in March 2014 opening higher at 92.668 yuan (15.11 U.S. dollars).

The contracts for settlement in June opened higher at 92.746 yuan. The contracts for settlement in September also opened higher at 93.196 yuan.

The contracts are agreements to buy or sell treasury bonds at a predetermined price and set date. They allow investors to bet on or 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 Sept. 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.