Word: entrepot
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Dates: during 1980-1989
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Nowhere did the chaos of Black Monday strike harder than in the tiny Asian entrepot. When the Hang Seng index dived 11% within hours on that day, the Hong Kong Stock Exchange simply vaporized, and Exchange Chairman Ronald Li closed it down for four days. When trading reopened last Monday, the value of shares plummeted an additional 33%, to about $50 billion, wiping out a year's gains. "This is not a stock market," said a furious Hong Kong local moneyman. "This is a poorly run casino...