Deputy Prime Minister and Finance Minister Choi Kyung-hwan says that the government will step up efforts to monitor and stabilize the domestic financial and foreign exchange markets as Monday's Chinese stock market plunge may increase volatility of the financial market at home.

Choi made the remarks on Tuesday in a meeting with officials of financial institutions in Seoul, saying that market volatility will likely continue for the time being due to growing uncertainties in the global financial market.

Choi, however, added that instability in the global market will have a limited impact on the South Korean market.