德国房价看似也不高，可能还会更低廉，因为我们的估值基准仅追溯至1996年，而德国房价的一段泡沫期就未被计算在内。
Germany looks cheap as well, and since our valuation benchmark goes back only to 1996 and so misses out a period when German house prices were frothier, may be cheaper still.
坏消息是，人口统计数学表明，股价估值会继续下降，持续到这个十年中期。
The bad news is that the demographic maths imply that equity valuations will continue to fall until the middle of this decade.
委员会又建议有关利率掉期合约应付或应收利息净额以及重估收益或亏损应包括在货币发行局帐目内。
The Sub-Committee also recommended that the net interest payable or receivable and revaluation gains or losses on interest rate swaps should be included in the Currency Board Account.
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