The Chinese economy has already "soft-landed" as a result of well-orchestrated government maneuvers, Singapore-based DBS Bank Ltd said on Tuesday.

Senior economist Chris Leung shrugged off the scenario of a hard landing suggested by many analysts apparently spooked by the recent surge in money market rates.

Leung told a news briefing in Hong Kong that growth could further slow to 7 percent in the worst-case scenario where some banks lapse into default, but the possibility is basically zero that the whole economy would derail.