China stock index futures close higher Wednesday

China's stock index futures closed higher on Wednesday, with the contract for January 2015 up 3.4 percent to close at 3,593.2 points.

The February 2015 contract went up 3.37 percent to end at 3,635.2 points. The March 2015 contract gained 3.4 percent to finish at 3,672.4 points. The June 2015 contract closed 3.21 percent higher at 3,695.2 points.

The stock-index contracts, agreements to buy or sell the Hushen 300 Index at a preset value on an agreed date, are designed to allow investors to bet on and profit from either gains or declines in the market.

The index futures was launched at the China Financial Futures Exchange (CFFEX) and started trading from April 16, 2010. The CFFEX has set the base value for all the four contracts at 3,399 points.