This …: the demonstrative pronoun refers to all that Daniel has said in verses 31-35. In some languages it may be preferable to say “What I have said up to this point is the actual dream” or “Now I have finished telling you the content of your dream.” New English Bible has “That was the dream,” and Moffatt reads “Such was the dream.”

We: the use of the first person plural at this point is surprising. Four different explanations have been proposed:
a) that this is a royal “we” or plural of majesty; but this hardly suits the context of Daniel before the king;
b) that “we” refers to Daniel and his three friends; but it is quite likely that the three friends were not present during this conversation with Nebuchadnezzar;
c) that “we” refers to Daniel and God; but this does not fit the style of Daniel who would have been more likely to say, “God (through me) will give the interpretation”;
d) that “we” is a kind of plural of modesty, a way of showing the humility of the speaker; this allows the speaker to avoid the use of “I,” which may be understood as pretentious or a kind of boasting.

While it is impossible to be certain, the last of these four explanations seems most likely. In some languages it may be possible to avoid either pronoun by using an impersonal turn of phrase (for example, a passive in those languages that use such forms naturally). Others may want to consider showing Daniel’s dependence on divine help by saying “with the help of God I will tell you….” If the pronoun “we” is used, it should be exclusive of the hearer in those languages that make such distinctions.

The king: this is yet another indirect reference that is probably better translated as a second person singular pronoun (see verse 7).

Quoted with permission from Péter-Contesse, René & Ellington, John. A Handbook on Daniel. (UBS Helps for Translators). New York: UBS, 1994. For this and other handbooks for translators see here .