BEIJING – China’s five-year treasury bond futures closed lower on Wednesday, with the contract for December 2020 closing 0.17 percent lower at 99.33 yuan ($15.14).

The contract for settlement in March 2021 closed 0.12 percent lower at 99.36 yuan. The contract for settlement in June 2021 closed 0.15 percent lower at 99.22 yuan.

The contracts are agreements to buy or sell treasury bonds at a predetermined price on a 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.

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