China stock index futures close lower Wednesday

China's stock index futures declined on Wednesday, with the contract for February, the most actively traded, down 1.71 percent to close at 3,523.6 points.

The March contract lost 1.63 percent to end at 3,556.2 and June contract dipped 1.76 percent to end at 3,605.4. The September contract was down 1.81 percent to end at 3,626 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.