Include taxonomy slug in url?

I have the following custom post-type and custom taxonomy setup:

add_action( 'init', 'create_post_type' );
function create_post_type() {
    register_post_type( 'system',
        array(
            'labels' => array(
                'name' => __( 'Systems' ),
                'singular_name' => __( 'System' )
            ),
        'capability_type' => 'post',
        'supports' => array('title','editor','comments'),   
        'public' => true,
        'has_archive' => true,
        'rewrite' => array( 'slug' => 'system' ),
        )
    );
}

function news_init() {
    register_taxonomy(
        'system',
        'system',
        array(
            'label' => __( 'Product Category' ),
            'sort' => true,
            'hierarchical' => true,
            'args' => array( 'orderby' => 'term_order' ),
            'rewrite' => array( 'slug' => 'product-category' )
        )
    );  
}
add_action( 'init', 'news_init' );

Is it possible to include the custom taxonomy name in the URL?

At present when I goto a custom post the URL looks like this:

http://www.domain/product-category/(post-name)/

How can I make it look like the following?

http://www.domain/(category-slug)/(post-name)/