The hub has created a simmering-upward momentum for trade with China not just for Canada but the whole North America region.

It is one of the latest to join the growing number of such centres around the world. China is strongly pushing to see the RMB's use on a global scale.

The hub reinforces Toronto's stature as North America's second-largest financial centre, and is expected to support increased trade.

"The RMB hub is good and very important. The responsibility lies in Canadian financial institutions and businesses to use it to their advantage since they can save money, especially with big opportunities for the export of food products.

"Chinese companies would rather pay in RMB instead of a foreign currency, which is complicated," Kutulakos said, adding that the hub gives Canada a strong advantage for RMB trading among companies in North and South America, which can all leverage the location to trade during the day.

The IMF's recent approval for RMB to join the Special Drawing Rights currency basket shows the forward momentum in this liberalization, she added.

"The average Canadian company needs to be negotiating with its Chinese clients and suppliers to use RMB for transactions," Kutulakos said.

"The elimination of the use of a third country currency lowers transaction costs for both sides, leaving more money in the pockets of the companies buying and selling the goods. It's a definite win-win; the key now is awareness and activation," Kutulakos said.

With things put in place, the new outlook for Canadian firms doing business in China remains positive, and Kutulakos said they must be committed to the Chinese market and be willing to take the risk of competing.

"There are many opportunities, and Canada has lots to offer what China needs, but selling to China is not simple. We need patience and focus in dealing with Chinese businesses. We can't just go in there one year and expect things to be perfect. We need time," she said.