1An act of giving one thing and receiving another (especially of the same type or value) in return.

谈判的最终结果应该是以土地换和平。

交换战俘。

交换信息的良机。

1. 1.1 A visit or visits in which two people or groups from different countries stay with each other or do each other's jobs.
   （不同国家间两个学者或两个学术团体之间的）交流访问
   as modifier nine colleagues were away on an exchange visit to Germany

   九个同事去了德国进行交流访问。

   Example sentencesExamples

   • They flew from Manchester Airport on April 11 after education officials were told there was no need to cancel the cultural exchange visit.
   • The first leg of the exchange involved a week-long visit to Lisbon of various Belfast artists involved in the project to take the art of Belfast to the Portugese capital.
   • Defending solicitor Victor Clarke stated that Mr Ploet was in Ireland five months as part of a farming exchange and intended to return to France next week.
   • Despite the serious nature of the expertise shared by the lifesavers, Moreton College's Rob Kreisler said the exchange visit was also a chance to build friendships across the Atlantic.
   • The culmination of the exchange was a visit by the Foxford Transition Years to Ratingen in March and a return visit to Foxford by the German students and teachers last week.
   • The culmination of the exchange was a visit to Foxford by the German students and teachers recently.
   • Meanwhile Hamburg and St. Petersburg were, for the first time, able to arrange personal visits and school exchanges.
   • This requires intensifying the dialogue between them by multiplying the exchange of visits focused on the political and economic activity fields.
   • is a common statement heard among those who have recently returned from an exchange, only to realise that others are barely interested in hearing about their adventures.
   • He admitted some people had questioned the value of the Caribbean trip and suggested an exchange visit to Pakistan or India would be more relevant.
   • The latest exchange visit was hailed as a great success by Mr Shaw and he is making fresh appeals for people to get involved in creating even closer links between York and Munster.
   • Emmanuel said a St Lucian team will be preparing for an exchange visit from St Vincent, in mid-December, to engage in a variety of sporting disciplines.
   • The group, which consists of 5 teachers and 26 school children are on an exchange visit with Moylough Primary School.
   • Ms Morrison-Tohol and Ms Wennmacher were in Castlebar accompanying a group from the Hochstadt Kolping Familie on an exchange visit with the local Scouts.
   • The target's dependent is in a student exchange program-BECOME THAT EXCHANGE STUDENT
   • A Ugandan teacher on an exchange visit to Ingleton Middle School is keeping warm in the cold Northern climes by teaching pupils how to play African drums.
   • Highlights included visiting America in an exchange programme, a parachute jump and qualifying to fly solo.
   • It was the fourth time there has been an exchange visit for students of both towns.
   • A delegation from Chippenham visited Uganda in February last year and this was meant to be the exchange visit for the Ugandans.
   • Plans are also underway for an exchange visit from members of an orchestra in Prague in April.
2. 1.2 A short conversation; an argument.
   交谈；争论
   there was a heated exchange

   当时发生了激烈的争论。

   Example sentencesExamples

   • Still, the latest meeting was a good contest, not short of lively exchanges, memorable clashes and the occasional burst of blatant hostility.
   • In this private exchange I think the insults got even more vicious.
   • To challenge either is to perpetuate an irresolvable debate, a heated exchange of ideas that no one ever wins, which leaves everyone with bad feelings.
   • The visit instigated several poetic exchanges between Dunbar and Cotter.
   • MANY THINK that Corporation council meetings always witness heated exchanges, since it deals with only ‘serious’ issues.
   • A conversation is a living exchange, it's when people say things back and forth and no one knows for certain what's going to be said.
   • Then after the brief exchange, the two office workers go their own ways, never to meet again.
   • I am distracted from further conversation by an expanding exchange on MSN Messenger.
   • There were heated exchanges at the meeting, with Mr Martin making an impassioned speech defending his position.
   • In fact, she joined in on their short exchange of words as she felt a bigger feeling take over her.
   • A heated exchange of words broke out with a group of eight youths who were standing on the other side of the road.
   • The incident led to some heated exchanges and a match that was always disputed with total commitment and undisguised physicality threatened to boil over on occasions.
   • Recently there has been an exchange carried on within the pages of Swim Magazine that has intrigued us.
   • Needless to say, this didn't go over very well, and heated exchanges were the result of these meetings.
   • During one of the debate's most heated exchanges, Copps and Manley unsuccessfully tried to pin down Martin on the issue of campaign finance reform.
   • How close relations are between the MfS general and the prosecutor becomes evident from a short exchange of words before both left the building.
   • The extract concluded with an exchange about whether their conversation was being recorded.
   • What began as a heated exchange of words soon became full-blown fisticuffs.
   • In Right Appetite, they developed a movement conversation with rapid exchanges, flirtatious teasing, even telling silences.
   • No closing ranks, no calling ‘skank’, not even a charged exchange of views at the punch table.

   Synonyms

   conversation, dialogue, chat, talk, word, discussion, meeting, conference
3. 1.3 The giving of money for its equivalent in the money of another country.
   汇兑；兑换
   Example sentencesExamples

   • It is believed that the trend may help to realize the free exchange of currency, preparing the ground for the Renminbi to be an international currency.
   • Beneficial receipt may also arise from currency exchange.
   • Sure, they benefited from favorable currency exchange, but what's going on here?
   • Another fact is that currency exchange is a profitable business because there is demand.
   • The report urged they must hedge against currency exchange risks to protect themselves from the fluctuation of the greenback.
   • However, some shops may ask you to pay in sterling and may apply currency exchange and commission rates which are unfavourable.
   • The benefits include only one currency exchange, transparency of prices via a united shopping market and no risk of fluctuations between countries.
   • On the positive front, if sterling remains at current levels, the negative currency exchange impact that has hit earnings from Britain this year should have worked its way through by next year.
   • The cost of currency exchange has also pushed prices higher.
   • There was a negative currency exchange adjustment totalling €84 million in the last half-year.
   • Most of its business was in currency exchange and retail banking and its paid-up capital was only one million pounds sterling, one third that of HSBC.
   • This action would eliminate currency exchange risks and risks attached to purchasing goods from an economy with a hugely inflated currency.
   • Rates of exchange should be based on this one currency, which can be used for payment of all international trade.
   • They never knew about the two-room flats and sleeping rooms he rented, the weekly money orders sent home, the currency exchange.
   • Revenue has grown only 1.4% annually over the past five years, depressed partly by currency exchange fluctuations.
   • Currenex, a new business-to-business independent foreign currency exchange, expects to sign its first major client in Ireland in the coming weeks.
   • The daily trade in currency exchange alone is more than 50 times the value of world trade in goods and services.
   • Consistent with the shift toward a new government in Iraq run by the Iraqi people, coalition forces are playing only a minor role in the currency exchange program.
   • Finance is often thought of as the sphere of global flows and so it is in terms of currency exchange or direct investment.
   • Chinese tourism in Taiwan has been allowed under limited conditions in the past, but Chinese currency exchange has never been offered before at local banks.
4. 1.4 The fee or percentage charged for converting the currency of one country into that of another.
5. 1.5 A system or market in which commercial transactions involving currency, shares, commodities, etc., can be carried out within or between countries.
   交易系统；交易所。参见FOREIGN EXCHANGE
   See also foreign exchange

   Example sentencesExamples

   • The exchange of currencies involves transaction costs.
   • In this manner, thriving nations could come to North and South Korea through cultural, athletic, political, economic and commercial exchanges.
   • Conventional share trading on exchanges is, in many respects, yesterday's way of doing business.
   • Economic exchanges within Vietnam and abroad are in full flow, and Hoa Hao followers are deeply engaged in marketing activities.
   • The portal will provide property listings, information and data research, and in the long term will be a transaction exchange for the industry.
   • On economic issues, the two parties agreed to cooperate toward pursuing the realization of direct shipping links, agricultural exchanges and a common market across the strait.
   • You can browse among the hundreds of foreign companies that list their shares on U.S. exchanges using American depositary receipts.
   • The small and midsize companies that mostly list on the exchanges have very few shares outstanding.
   • The dollar's slide on the currency exchanges has led economists to predict the pound sterling will soon be worth two dollars, which all adds up to massive discounts for British shoppers in the US.
   • London's Alternative Investment Market, supposedly the dogsbody of share exchanges, is enjoying a social whirl, while the ugly sister of the main market sits out the dance.
   • Geography acts in a similar manner, because the costs of overcoming space in order to carry out market exchanges incur transport-transactions costs.
   • ‘Taiwan and Japan have shared increasingly close economic exchanges,’ Chen told his guest at the presidential office.
   • Stable trade should be carried out through exchanges among business enterprises and agricultural organizations.
   • The concept requires some knowledge of markets and exchanges, so traders are seen as the core member base.
   • Ever since, the seat has lost almost half its value as the exchange's market share and profits have come under pressure.
   • Advocates of more minimal government might argue that people have every right to such food as they can obtain through fair market exchanges and gifts.
   • Commercial exchange, conducted at urban markets, was subject to elaborate customs and taxation.
   • Shire has little surplus cash in its balance sheet, so a paper-based reverse takeover via a share exchange would be the most probable route to a takeover.
   • The fact that the new distribution arose from market transactions is irrelevant, since no one had any right to transfer those resources through market exchanges.
   • The play, though it is chronologically out of place, presents further elaborations on the figuring of identity, and metaphors of market and commercial exchange.
6. 1.6 A central office or station of operations providing telephone service.
   private branch exchanges to automate internal telephone networks

   Example sentencesExamples

   • The wiring in our house is connected to a local exchange carrier's central office via a twisted pair.
   • With LNP, the subscriber's telephone number identifies only the subscriber and not the exchange hosting that number.
   • In the days of operator-assisted calls, this meant you would call an operator who connected your call to an operator working in the exchange that serviced your party.
   • Of course, nobody thinks cable operators are going to quickly unseat the RBOCs as the leading providers of local exchange services.
   • The exchanges allow firms within a three-mile radius to use a system which is up to ten times faster than an ordinary telephone line.
   • The idea is that people who currently live too far from an exchange to get ADSL services will be able to get a slightly hobbled * version.
   • In many cases, the exchange itself will take place over a Gigabit Ethernet switch operated by the exchange and will involve no circuit elements.
   • DSL for home use can function in the same way, with contention appearing at the exchange / central office.
   • Is there a cure as the internal telephone cable from exchange to condo is about 750 meters?
   • Volkswagen, for instance, operates a private exchange supplied by i2 Technologies, Ariba, and IBM.
   • To avail of the service, customers must have a standard fixed telephone line, exchange coverage, and computer equipment that reaches the minimum required specification.
   • In the old days (pre-iSCSI) the two most common choices were to take the machine down or have a SAN service your exchange needs.
   • Method of establishing a connection as well as an exchange, service computer and communications network
   • An innovative part of the project is an SMS text messaging service and an international exchange with a similar group in England.
   • Wright also sketched plans for a separate commission, a post office and telegraph exchange intended for central Baghdad.
   • According to official sources, the blast ripped apart the exchange yesterday cutting the telephone line of the entire area.
7. 1.7Chess A move or short sequence of moves in which both players capture material of comparable value, or particularly the exchange in which one captures a rook in return for a knight or bishop (and is said to win the exchange).
   〔棋〕换子，兑子
   Example sentencesExamples

   • The opening was a messy affair, but I imagine Piket was doing alright until he blundered an exchange in the early middlegame.
   • Kasparov was up the exchange, but his king was out in the open across the board and Adams had an extra pawn.
   • Also, I once had a student give an expert a draw when he was up the exchange in the endgame.
   • White was sorely tempted by the smothering move 1.Nf7 + winning the exchange, and played it.
   • After a series of exchanges, he was left with 2 rooks and 6 pawns versus a rook, 2 knights and 5 pawns for Polgar.
   • It is less good to play this move after a preliminary exchange of knights on e4.
   • After the exchange of rooks on the 20th move, the star player from Indian Airlines tried to gain control on white's kingside only to further weaken the b2 square.
   • We have been playing that the player could refuse the exchange!
   • So, it turned out that White had to acquiesce to the exchange of Bishop for Knight after all!
   • After several exchanges, Gallagher was down 2 pawns in the rook + pawn ending, as he couldn't defend everything.
   • Even exchanges are fine, as are sacrifices with a clear goal in mind.
   • Karpov sought the rook exchange and Kamsky avoided it, ultimately winning.
   • Of course, if both sides stick their Rooks on that file, it might just lead to mass exchanges with no gain for either player.
   • White's a bit tied up so Buckley anticipates Ba3 and prepares in the event of a Bishop exchange to bring his Rook into the action on c5 or a5.
   • Black's opening play was rather dubious and Karpov has won the exchange.
   • After several exchanges, Bareev was left with a knight and 5 pawns to Junior's knight and 6 pawns, including a passed b-pawn.
   • Black sacrificed the exchange in the early middlegame, but this brought no joy.
8. 1.8 A building or institution used for the trading of a particular commodity or commodities.
   商品交易所
   the New York Stock Exchange

   Example sentencesExamples

   • Finally, the CFTC exists primarily to protect commodities investors and the exchanges, areas where Enron was not particularly active.
   • PROS AND CONS But regulators, exchanges, and institutions should be wary of unintended consequences.
   • The five New York commodity futures exchanges will reopen today, a spokesman said yesterday.
   • That means two commodity exchanges, on one floor.
   • These are readily available free from several of the commodity exchanges.
   • In recent years, Hong Kong has lost market share to exchanges in London and New York, where spreads are narrower, on stocks that are listed on more than one exchange.
   • Traders on commodity exchanges are warning that a cold winter in the northern hemisphere could see prices, already up 38% since the start of the year, rise a lot further.
   • As the braying traders on the commodity exchanges in London and New York sold Rwanda's coffee and tin they were sealing the fate of peasants 6,000 miles away.
   • Neither the exchanges nor brokerage houses have taken up Levitt's challenge.
   • In particular circumstances the rules of an exchange or clearing house may be expressly incorporated into customers' contracts with members.
   • According to experts of the economic ministry, it has not been decided yet whether the grain is to be sold on commodity exchanges.
   • All exchanges and financial institutions had back-up power systems that allowed them to conduct business as usual.
   • Why this material is included while other material unique to, e.g., commodities or exchanges, is referenced out is not clear.
   • Currently, the SCE is one of the three licensed commodity exchanges in the country.
   • The reforms, however, should focus on improving the transparency of the exchange's operations and governance rather than imposing new rules.
   • A hedger locks in a price for a cash commodity by cross-hedging that commodity with a related commodity traded at one of the commodity exchanges.
   • Wyatt was a broker working for Itex, one of the nation's largest barter exchanges.
   • Agricultural commodity exchanges, for instance, are not subjected to the same insider trading legislation as securities.
   • Imagine multiple trading exchanges and other e-commerce vendors that must all collaborate and charge so a single transaction can be completed.
   • Indeed, the committee wants the European Commission to bar exchanges from owning clearing houses.

   Synonyms

   stock exchange, money market, bourse

1Give something and receive something of the same kind in return.

我们互换了地址。

他和斯蒂温互相关心地看了一眼。

1. 1.1 Give or receive one thing in place of another.
   调换
   we regret that tickets cannot be exchanged

   很遗憾票不能调换。

   I exchanged my overalls for a sober dark suit

   Example sentencesExamples

   • Season tickets are exchanged for small stubs of paper, with window seats available in corporate boxes.
   • Let's be honest, business is about exchanging goods for cash; no genuine business would deliberately omit a mention of its products and a description of its operations.
   • Phones will be exchanged for cash or vouchers through the Community Foneback scheme.
   • If he accepts he will be exchanging the immediate risk of serving in the territories for the far greater danger of riding a tank into battle.
   • The vouchers are sent to the group who can either use them in store or exchange them for cash.
   • We've already tapped a long-term credit line with our bank, and I don't want to exchange equity for cash.
   • It chooses a January year-end, at which point a large mountain of Christmas cards has just been exchanged for cash.
   • A receipt given by the eSeva clerk becomes the valid ticket for the movie with the purchaser not having to exchange it for a ticket at the cinema hall before the show.
   • The catch is that these Asian export giants like Japan and China can't afford to just liquidate their dollar-holdings and exchange them for euros.
   • Newcomers could also exchange a ticket stub for a free karate lesson.
   • A trained shop assistant shows the correct and perfectly acceptable way to exchange money at the till
   • Every time somebody visits your opinion, you earn dooyoo miles, which can be exchanged for vouchers or cash.
   • About 100 dealers in the centre, the report said, were willing to exchange cash on the spot or transfer it to Macau.
   • Economic exchange via the market is thus a positive-sum game: everybody gains more than they put in because of increased efficiency.
   • Farm wives would use butter as cash, exchanging their home-churned product for merchandise at the general store.
   • They won't want to exchange large wads of cash at the bank and raise suspicions of money laundering.
   • The store isn't just a place to exchange cash for computers… it's a place to create a genuine emotional branding experience, one that lasts.
   • These tickets are then exchanged for prizes at predictably confiscatory rates.
   • This leaves people with the choice of either getting whiplash from being forced to sit in the very front row, or to exchange their ticket for a Silvercity gift certificate.
   • According to the company's norms the ticket is non-transferable nor can it be exchanged for cash.