China's five-year treasury bond futures opened lower on Thursday.

The contract for settlement in June 2017 opened 0.066 percent lower at 98.145 yuan (about 14.22 U.S. dollars). The contract for settlement in September 2017 opened at 97.365 yuan, 0.123 percent lower from the previous close.

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.