(Disclaimer: Please correct me if I'm wrong ....)

From 24 April 2010,

• All the reward points outstanding in your credit card will be automatically converted into RewardCash at the rate of $1 RewardCash for every 250 Reward Points.
• For every HK$250 spending, you'll earn $1 Reward Cash
• For Asia Miles conversion, $1 RewardCash will be converted into 15 Asia Miles.

It's also available here on HSBC's website: http://www.hsbc.com.hk/1/2/special/cards/prom169

What this means is HK$250 = $1 RewardCash = 15 Asia Miles.

The conversion rate is now 250/15 = HK$16.67 = 1 Asia Mile !!

HSBC has therefore gone from HK$12 to $15 to $16.67 per mile. Ridiculous!