File under "well, that's a surprise, I'd never have expected that" – American Express have followed the lead set by HSBC and devalued their reward points.
The conversion factor for Asia Miles (Cathay) and Flying Club Miles (Virgin) has been adjusted from 12:1 to 15:1, meaning that you need 25% more points for each mile you redeem. If we assume that the price that Cathay charges for top-up miles is the market value, this means you will be getting HK$0.016 for every HK$ you spend on your credit card (though presumably credit card companies pay much less for miles than members of the public).
There was a time when AE offered triple points (meaning an effective rate of 4:1), but that disappeared some time ago. Yes, there are a small number of merchants who offer 10x points on the Platinum card, but you pay a hefty annual fee for the privilege of having that card, and the shops are not exactly renowned for low prices. Or you can sign up for the Cathy/AE card and pick up some free miles if you're really desperate.
Ordinary Gweilo 
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