It's really about building up emotional bonds and trust, etc... but for transcription, those will not be very acceptable. So, I venture this vague version of it.

the term itself is actually quite vague, I never realize '交流感情' is such a remote term that there seems almost no direct equivalence available in target languages. Even though we do talk about ‘交流交流感情' all the time.

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Note added at 1 hr (2006-05-24 16:07:22 GMT)
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while commenting on NK's suggestion, I just came up with this (borrowed a little from NK's):

'Let us communicate with each other, understand each other, and let our hearts talk.'

Phatic
From Wikipedia, the free encyclopedia

In linguistics, a phatic expression is one whose only function is to perform a social task.

For example, "you're welcome" is not intended to convey the message that the hearer is welcome; it is a phatic response to being thanked, which in turn is a phatic whose function is to be polite in response to a gift.

Similarly, the question "how are you?" is usually an automatic component of a social encounter. Although there are times when "how are you?" is asked in a sincere, concerned manner and does in fact anticipate a detailed response regarding the respondent's present ills, this needs to be inferred from context and inflection.

The utterance of a phatic expression is a kind of speech act.



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Note added at 4 hrs (2006-05-24 19:22:55 GMT)
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我想感情交流是正式语言，民俗用法是 ‘调情’。communicate feelings, or a flirt.

can facilicate mutual heart-to-heart interaction.

or "exchange on a more meaningful/personal level"

actually, I think "friendly exchanges" is good enough. :-)

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Note added at 23 hrs (2006-05-25 14:21:48 GMT)
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Here'a another possibility:

"exchanges that foster goodwill"

http://www.spinwatch.org/modules.php?name=News&file=article&...

The Washington Post

By Pauline Jelinek, The Associated Press
Monday, June 13, 2005; 7:09 AM



WASHINGTON -- From Chinese language contests to German "friendship" buses, foreign nations are working hard to foster goodwill with regular Americans. Called "public diplomacy," it's the art of making friends and influencing people _ as opposed to influencing governments _ and it's something the Bush administration wants to do better, too.

have a meeting of hearts and minds; share openly with each other, have a meaningful relationship...

跟'浪费感情'比 - this is when your feelings are not reciprocated, or go to waste, hopes are not met, affections not returned etc.

there is a sense of (restoring) meaningful relations?