Treasury futures belong to the category of interest rate futures, which are standardized contracts for government long-term, medium-term and short-term treasury bills traded on specific exchanges.

the treasury bond futures market is divided into short-term treasury bond futures, medium-term domestic bond futures and long-term treasury bond futures.

Short-term treasury bills are divided into three months (13 weeks or 91 days), six months (26 weeks or 182 days) or one year. Generally, three-month and six-month treasury bills are issued weekly, while three-year treasury bills are issued monthly.

the maturity of medium-term treasury bonds ranges from 1 to l years. Medium-term treasury bonds are sold by auction, issued at face value or similar price, and the face value shall prevail when repaying.

the term of long-term treasury bonds varies from l to 3 years. Long-term treasury bonds have the characteristics of strong competition, timely repayment of principal and interest, and good market liquidity, and huge funds can be raised from home and abroad through auction.