Normally you have an independant site structure for each language, and matching templates for each language, and separate content for each language. Say you have a very simple site in English and German, then you could have this page tree in the backend:
-ENG
--Home
--Our Products
--Contact Us
-GER
--Startseite
--Unsere Produkte
--Kontakt
The English pages use an English template, and the German pages use a German template (if there are hardcoded texts in the template).
So the content is separated per language. Of course you have to write and publish all content twice, once per language. So for news you have to use the News module twice: once in each language section. Then the German news items show up in German section, and the English news in the English section. It's really as straightforward as can be.
Look also here for more info in multiple language sites:
http://www.websitebaker2.org/en/help/designer-guide/multilingual-websites.php?lang=EN