(British, informal) An informal conversation, usually about everyday matters; a chat, a gossip.
1963, Margery Allingham, The China Governess Chapter Foreword, Reg liked a chat about old times and we used to go and have a chinwag in the pub.
2008, "Raising a cup for Macmillan Cancer," Reading Post (UK), 29 September (retrieved 25 Sep 2010):Hundreds of Reading folk got together for coffee, cake and a good old fashioned chinwag during a national cancer charity's coffee morning fundraiser.
Verb
(British, informal) To chat, gossip.I saw the pair of them chinwagging by the water-cooler