Ribbon's/ a scarf tied to the pommel I think are decorative as used in Wushu...as in the picture Niel posted....you could use the ribbon/cord perhaps to lash the weapon to your hand so it knocked out of your hand you could easily retrieve it. I remember one old drawing in Alex Huang's book Iron & Steel: Swords of China there is a demon depicted with a sword with ring pommel that is chained to his wrist (Page 80) Ring Pommels are seen in Tang Dynasty swords.
On a side note...I remember in some TV show they said the ribbons/ strings near the head of the spear head you see on wushu spears modernly was used to distract the eye of the enemy...and to prevent blood from coming down the shaft and making the pole slippery...and that spinning the shaft would spin the blood off that had accumulated on the strings at the spear head...I have no idea if there is any truth to this...maybe just a good story
