If inflation is a concern, logic suggests that p/e ratios for Chindia, and much of the rest of Asia outside Japan, should stabilise only when they are some way below the global average.

• 如果考虑到通胀因素，逻辑判断就是：对于中国、印度乃至日本以外的多数亚洲国家而言，他们的市盈率只有明显跌至全球平均水平以下，才会趋稳。