CX must be having fairly major cashflow problems right now. Would it not have made more sense to offer some incentive to take Cathay Credits over a cash refund? e.g. 10% extra value, bonus miles etc. As a CX hostage, like many of us, I would have given this consideration. As it stands, everyone will apply for cash refunds. CX seem to have missed a trick here...

Update: I just called to cancel 2 revenue tickets HKG - JFK booked into Class L. I used 4 bookable DM upgrades to upgrade us into E both ways. These bookable upgrades expired last year. Apparently, they will issue be a cash refund for my revenue fare but will not extend my bookable upgrades? I pushed really hard to get these so its a bit of a punch in the face.