	VaR			CoVaR
	State-owned Bank	Joint-stock Bank	City Commercial Bank	State-owned Bank	Joint-stock Bank	City Commercial Bank
2010h2	−6.62	−7.79	−8.65	−4.76	−4.20	−4.94
2011h1	−5.41	−6.54	−6.92	−3.94	−3.64	−4.09
2011h2	−4.20	−5.42	−5.39	−3.12	−3.11	−3.28
2012h1	−4.99	−6.13	−6.36	−3.66	−3.47	−3.81
2012h2	−4.91	−6.14	−6.38	−3.60	−3.43	−3.77
2013h1	−4.56	−5.83	−5.95	−3.49	−3.34	−3.69
2013h2	−3.91	−5.14	−4.97	−2.91	−2.95	−3.06
2014h1	−5.64	−6.67	−7.04	−4.10	−3.74	−4.22
2014h2	−4.08	−5.27	−5.13	−3.03	−3.02	−3.16
2015h1	−5.23	−6.28	−6.49	−3.85	−3.56	−3.95
2015h2	−5.44	−6.52	−6.96	−3.95	−3.63	−4.11
2016h1	−4.55	−5.73	−5.79	−3.35	−3.26	−3.50
2016h2	−4.38	−5.60	−5.60	−3.23	−3.17	−3.38
2017h1	−3.88	−5.10	−4.89	−2.89	−2.93	−3.02
2017h2	−3.30	−4.60	−4.22	−2.49	−2.68	−2.65
2018h1	−4.38	−5.49	−5.41	−3.24	−3.15	−3.35