BEIJING -- China's treasury bond futures closed lower on Tuesday, with the contract for settlement in December, the most actively traded, declined 0.032 yuan to 94.412 yuan ($15.37).

The contract for settlement in March 2014 edged down 0.024 yuan to 94.462 yuan, while the contract for settlement in June 2014 dropped 0.03 yuan to 94.456 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 Sept 6, 2013.