This　study　employs　the　GARCH-Copula-CoVaR　and　spillover　index　models　to　investigate　the　dependence　and　risk　spillover　effects　among　China＇s　financial　markets　before　and　after　the　＂811＂　exchange　rate　reform.　The　findings　show　that　the　gold　market　is　the　largest　risk　spillover　recipient　to　the　exchange　market　and　has　the　strongest　dependence　with　the　exchange　market.　The　exchange　market　is　greatly　affected　by　the　spillover　effects　of　other　financial　markets,　and　the　monetary　market　is　the　main　source　of　these　risk　spillovers　effects.　The　external　spillover　effects　of　the　exchange　market　were　significantly　enhanced　after　the　reform,　but　its　influences　on　other　financial　markets　are　still　weak.　The　exchange　rate　reform　caused　the　RMB　exchange　rate　to　depreciate　sharply　and　fluctuate　violently　within　a　period　of　time,　but　it　did　not　have　a　significant　impact　on　the　spillover　effect　trends　of　the　exchange　market　in　the　long　term.