From Dr Geoffrey Ingham.

Sir, It is rather frightening that Min Liao, the deputy director-general of the China Banking Regulatory Commission (“Market transparency should increase – not fall”, Letters, October 15) should display such a serious misunderstanding of money and financial asset markets in his attempt to rebut John Eatwell and Robert Reoch’s critique of economic orthodoxy's tenet that efficiency in all markets is improved by more information and greater transparency (Letters, October 7).