Does ‘Exchange English to Chinese and learn both’ mean ‘把英文翻译成中文，可以同时学习两种语言’ in Chinese, properly translated?
I'm assuming that the Chinese is the original because it makes more sense and is much better formed than the English.
The sentence provided:

把英文翻译成中文，可以同时学习两种语言

My rough, direct, translation:
Take the English and translate it into Chinese, (that way) you can learn two languages at the same time.
The biggest problem with the English sentence you provided, apart from its ambiguity, is with the word exchange. It does not convey the idea of translating rather the idea of two people who speak two different languages communicating with one another while teacher their language to the other person.