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This is about extending coverage.
With the onward/transfer traffic that CX obtains from BA via HKG and that BA obtains from CX at LHR, I wonder whether or why CX would ditch their OW membership. It appears to work pretty well for them and I, for one, have been happy to utilise the BA/CX codeshares onto the latter. By the same token, both BA and AA have taken out codeshares with China Southern (part of Skyteam) and let’s also recall that one OW member (Air Berlin) is now in the hands of Etihad – which is a member of no alliance.