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\caption{ {\footnotesize Volatility Spillovers between Spot and NDF Markets Before the ¡°8.11¡± Reform(DCC-MGARCH)} } 

\begin{tabular}{cccccc} \hline
 &(1)&(2)&(3)&(4)&(5)\\
 \hline
 VARIABLES&SPOT&SPOT&SPOT&SPOT&SPOT\\ \hline
 $\beta$&0.055&0.651***&0.108&0.110**&0.369***\\
 &(0.084)&(0.041)&(0.069)&(0.054)&(0.034)\\
 ARCH&0.389***&0.297***&0.346***&0.360***&0.380***\\
 &(0.102)&(0.088)&(0.088)&(0.090)&(0.096)\\
GARCH&0.455***&0.578***&0.462***&0.452***&0.524***\\
&(0.108)&(0.118)&(0.107)&(0.104)&(0.091)\\ \hline
VARIABLES&NDF1M&NDF2M&NDF3M&NDF6M&NDF1Y\\ \hline
$\beta$&-0.059&0.002&-0.043&-0.015&-0.011\\
&(0.036)&(0.039)&(0.051)&(0.060)&(0.064)\\
ARCH&0.240***&0.074***&0.165**&0.042**&0.025\\
&(0.071)&(0.025)&(0.073)&(0.018£©&(0.020£©\\
GARCH&0.491***&0.915***&0.605*&0.931***&0.912***\\
&(0.106)&(0.032)&(0.184)&(0.027)&(0.072)\\ \hline
  \end{tabular}

\scriptsize
  \textit{Note}:The sample for all return series covers the period from January 1, 2014 to August 10, 2015. Standard errors in parentheses with ***  $p<0.01$, ** $p<0.05$, * $p<0.1$.  Data sources: Bank of China website and Bloomberg.
  \end{table}
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