that can be exchanged 可交换的；可兑换的；可更换的◆These vouchers are not exchangeable for cash. 这些代币券不能兑现。
() (about bonds) that can be exchanged for shares in another company at a particular time in the future （债券）可转换的◆The bonds are exchangeable into shares of Thomson Multimedia. 这些债券可转换为汤姆逊多媒体公司的股票。➡convertible