Chinese bank to open NYC branch

The U.S. might be gripped by fears of a recession, but not China. A sign of China’s booming economy is coming to Madison Avenue, in the form of a China Merchants Bank branch — the first branch of a Chinese bank to open in the U.S. in 20 years. The bank signed a 10-year lease for 14,000 square feet, taking the entire 18th floor at 535 Madison Avenue, between East 54th and East 55th streets. The building has an asking rent of $110 a square foot. The branch, which will open sometime in the summer, won’t do retail banking. It will provide currency exchange services and offer financing for Chinese companies doing business here and U.S. firms working in China.