The semiannual survey was conducted April 6-20 on 78 economists that included bank officials and foreign asset managers. The respondents were asked to pick up to five elements that posed systemic risks for Korea's financial market.

The portion of responses citing China-related risk dropped significantly from 90 percent six months earlier, but the category continued to top the list.

Slowing growth in the world's second-largest economy has created serious problems for not only Korea's financial market, but for its real economy as well.

Korea's exports have dropped every single month since the start of last year as its shipments to China, the world's single largest importer of South Korean products, also dipped at similar rates each month.

Such problems in exports and the economy might soon translate into financial risks, those surveyed apparently believed.

In the BOK poll, 59 percent of those surveyed said the possibility of a growing number of local companies becoming insolvent posed a serious threat to the country's financial system, up from only 32 percent six months earlier.

Household debt continues to remain a financial risk with 54 percent of respondents citing the problem, though the portion dropped from 62 percent according to the BOK.

The country's household credit reached a record high of 1,207 trillion won (US$1.02 trillion) as of the end of last year. The central bank is set to release its latest tally later in the week with many anticipating a continued increase in the first quarter.

Meanwhile, the portion of responses citing systemic risks stemming from a U.S. rate hike nearly halved to 38 percent from 72 percent six months earlier.

The U.S. Fed has stood pat on its key rate since December when it raised the key rate by 25 basis points in the first U.S. rate hike in nearly a decade.

The Fed is said to be ready to again hike the policy rate as early as June. (Yonhap)