The transaction volume of China's futures market fell 3.47 percent year on year in January, according to data from the China Futures Association.

The transaction value hit 20.32 trillion yuan (about 2.9 trillion U.S. dollars), down 4.83 percent from a year earlier.

Compared with December, the two figures dived 31.83 percent and 27.08 percent, respectively, as the markets closed during the Spring Festival holiday which fell in January this year.

China has five futures bourses, namely the Shanghai Futures Exchange, Shanghai International Energy Exchange, Zhengzhou Commodity Exchange, Dalian Commodity Exchange and China Financial Futures Exchange.