South Korea's top financial regulator on Monday vowed to take stern measures to mitigate any potential impact from China and the United States, dismissing ballooning fears of a financial crisis this month.

The South Korean economy has been rattled by speculations that Asia's fourth-largest economy may brace for another financial jolt sometime this month in the aftermath of a much-awaited U.S. interest rate hike and China's stock market rout, which are feared to further worsen the country's already high household debt problem.

A rise in the U.S. interest rate, which could come this week, will spark a faster and massive foreign outflow from the South Korean equity market, while a slowdown in the Chinese economy could hurt Korea's exports, a key economic driver.

"There are various uncertainties out there at this moment, but I think the rumor of the 'September crisis' is groundless," Yim Jong-yong, chairman of the Financial Services Commission, said in a parliamentary hearing. "We will beef up monitoring and take action if necessary."

As part of tougher risk management, Yim said the FSC will keep local lenders from extending excessive loans to households and speed up corporate restructuring to sort out financially shaky companies in order to prevent a possible spillover.

Growth of home-backed loans hit a fresh high of 1,130.5 trillion won ($948.4 billion) as of end-June, according to central bank data, with its growth pace accelerating following rounds of rate cuts that sent the key rate to a record low of 1.5 percent.

"We can fully cope with rising household debt if we keep control over it," said Yim. "It is not an immediate risk factor."

The regulator also has come under mounting pressure to tighten criteria for lenders' corporate lending as Daewoo Shipbuilding & Marine Engineering Co., the country's No. 2 shipyard, is facing a massive deficit.

State-run Korea Development Bank, the largest creditor, is mulling over financial aid to the shipbuilder. (Yonhap)