Reuters has introduced a new electronic system for trading the Yuan against foreign currencies, stepping up its defence of the electronic FX dealing market against rival Bloomberg by renewing its partnership with the China Foreign Exchange Trade System.

CFETS, an intermediary in the inter-bank foreign exchange market in China, can now offer its member banks the ability to trade streaming, executable FX prices contributed by market-makers on a best bid and offer basis. Reuters Electronic Trading technology supports the trading system, with access to spot rates, outright forwards, swaps and currency pairs.