  In the framework of the reduction technique for Poisson-Nijenhuis structures,
we derive a new hierarchy of integrable lattice, whose continuum limit is the
AKNS hierarchy. In contrast with other differential-difference versions of the
AKNS system, our hierarchy is endowed with a canonical Poisson structure and,
moreover, it admits a vector generalisation. We also solve the associated
spectral problem and explicity contruct action-angle variables through the
r-matrix approach.
