Telefonica has agreed a credit line for US$1.2 billion with two Chinese banks to allow it to buy products and cover expenses around the world for the next 10 years. The agreements with the China Development Bank and the Industrial and Commercial Bank of China suggests an improvement in the access to capital markets for Spain’s largest businesses after recent difficulties in refinancing debt. According to Dow Jones Newswires, Telefonica has secured EUR9.2 billion in financing in 2012.