French President Francois Hollande starts a two-day visit to China on Thursday, hoping that the trappings of a state visit to the world's second strongest economic power will curb the growing criticism of his government at home.

Hollande's visit is the first by a leader of a major Western power since the new Chinese leadership led by President Xi Jinping assumed office. It is also the first visit since the Cypriot banking bailout, and Chinese leaders will seek reassurances from Hollande that the European Union finally has the eurozone crisis under control.

Interestingly, the French central bank is reportedly ready to explore the possibility of using the renminbi in bilateral trade deals. This could be a ploy to increase the chances of Paris playing a role as an offshore center for the Chinese currency. It will face tough competition, however, from London and Hong Kong.