GFI group, the brokerage services firm, has teamed up with information provider Thomson Reuters and China's SDIC Trust to establish a new foreign exchange and money brokerage firm for Chinese clients.

The new company, located in Beijing, marks the first step toward having a full-service voice and electronic brokerage for domestic money markets in China, the firms said in a statement. 

"We believe the timing is right for our joint venture to enter the marketplace and assist in the development of new financial products, and in the continuing internationalization of the renminbi," said Colin Heffron, president of GFI Group.

GFI, Thomson Reuters and SDIC all meet the prerequisit to obtain an application for a license. The official application is currently being processed with the appropriate regulatory bodies.

SDIC Trust is a Chinese trust company that specialises in the asset management and wealth management businesses. It is a subsidiary of the State Development and Investment Corporation (China).