Hi Manu,
First you have to distinguish between data and metadata. The language settings on the Texts tab of a Characteristic refer to data, i.e. the descriptions of your characteristic values. E.g. the texts of G/L Accounts.
What you are refering to is translation of metadata objects, e.g. the descriptions of your InfoObject G/L Account. You can translate them using the Translation functionality in the Data Warehousing Workbench (t/code RSA1 - Translation view).
Please refer also to SAP Help.
Best regards,
Sander