Foreign news: China to issue development bonds, Visa and MasterCard back in court, Lending Club expa 06 August 2015 4:13PM Banking Day staff Foreign news, Two "policy banks", China Development Bank and Agricultural Development Bank of China, are readying to issue as much as RMB1.5 trillion in long-dated bonds over the next few years, said HSBC's China economics team, citing "local media reports". Issuance could reach RMB300 billion in 2015, with tenors exceeding ten years. "The focus will be on shanty town renovation, urban transport, railway construction in mid-west China, public goods provision and manufacturing upgrading," noted HSBC's analysts, adding that the bonds were likely to be bought by Postal Saving Bank of China, another "cash-rich policy bank", giving the bonds a "quasi-sovereign" status. A US court has revived litigation against Visa and MasterCard, claiming they conspired to inflate ATM fees, when it overturned a lower court ruling on the matter. Reuters reports that the Court of Appeals for the District of Columbia found that a district court erred when it ruled that consumers had no standing to sue over the matter and had not adequately alleged anti-trust violations. The decision revives two class actions brought by consumers and one by independent ATM operators, which claim that Visa and MasterCard blocked ATM operators from charging less when ATM transactions were processed by networks competing with Visa and MasterCard. Greek bank stock prices have fallen heavily for the third day in a row, the BBC reports. The Athens stock market has been down since re-opening on Monday after a five-week shutdown. The banking sector has been particularly hard hit, heading down 30 per cent on Monday, 30 per cent on Tuesday and 20 per cent in the morning session in Wednesday. Investors are worried about the need for banks to recapitalise and also the flight of deposits as customers send their money abroad. Lending Club, the world's biggest online marketplace, or peer-to-peer lender, has reported a decrease in its expected losses, according to the Financial Times. Chief executive Renaud Laplanche, in his quest to "transform the entire banking industry", has outlined a five per cent rise in the company's projection of its full-year revenues, expected to be up by 92 per cent to about US$407 million, signalling an imminent expansion into new lines such as car loans and mortgages. Despite the hype, the share price has dropped by one-third since listing in the US at the end of 2014.