Currency exchange rates have a significant impact on translation services for the banking industry and international trade. Experts who work in international finance and Chinese translation companies have pointed out that although currency appreciation has an impact on export trading companies, a strong currency can also be an advantage in terms of investing overseas and importing raw materials. Such trends may offer companies a good opportunity to transform enterprises and reduce reliance on export markets.
On the other hand, currency appreciation indicates that local translation companies can have stronger purchasing power, and the cost of hiring overseas native-speaking translators can be reduced. Thus, the cost of native language translation service would be more affordable when domestic enterprises expand their businesses overseas. Hopefully, the country’s translation service, which has long been regarded as inferior in terms of quality, can be improved.
Translation plays an important role in the internationalization process of a foreign-invested enterprise; it also means productivity. Poorly translated texts result in misinterpretations and hamper an enterprise’s overseas development. Such problems might lead to inestimable loss. Many clients have limited professional knowledge about the principles and criteria of translation. Nowadays, fewer and fewer full-time translators are equipped with professional knowledge and profound understanding of translation procedures. So most domestic clients prefer translation services with lower prices. However, low-priced services often equate to low quality. Due to higher expectations on the quality of translated texts from clients overseas and the business environment, enterprises that intend to expand overseas may face greater challenge.
Most in-house translators of enterprises have to deal with tasks other than translation, which distract them from providing high-quality translation work. Therefore, enterprises may need to outsource procedural management and quality control of professional documents and data to Chinese translation companies. In addition, domestic enterprises that explore overseas markets may have greater opportunities to promote their services in multiple languages.
Statistics show that the annual output value of the global translation market has reached 13 billion US dollars. Since Chinese translation companies recruit a great number of talents that play an important role in the translation market, the business is likely to prosper because of currency appreciation. Meanwhile, as the criteria for translators become more sophisticated in the domestic translation industry, more enterprises are aware of work specialization. In-house translators are gradually being replaced by independent translation agencies with specialized knowledge.