BEIJING, July 20 -- China's treasury bond futures closed higher on Monday, with the contract for settlement in September 2015 closing unchanged at 97 yuan (around 15.85 U.S. dollars).

The contract for settlement in December gained 0.05 percent to end at 98.9 yuan. The March 2016 contract edged up 0.04 percent to 99.4 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.