Okay, so it's not quite there, yet. But this is still a really cool step forward.

http://www.bbc.co.uk/news/technology-20266427

Software that can translate spoken English into spoken Chinese almost instantly has been demonstrated by Microsoft.

The software preserves intonation and cadence so the translated speech still sounds like the original speaker.

....

In the final few minutes of that presentation the words of Mr Rashid were almost instantly turned into Chinese by piping the spoken English through Microsoft's translation system. In addition, the machine-generated version of his words maintained some of his spoken style.