BEIJING - China's macro-economic policies against the global financial crisis are effective, but there are latent side effects, Zhou Xiaochuan, governor of the People's Bank of China, said Sunday.

"No macro-control policy is of all benefits but no harm," Zhou said at the Financial Street Forum in Beijing.

China has adopted positive monetary policies and a package of stimulus plans to fight the global financial downturn and these measures have worked effectively, Zhou said.

But there may be overshooting and fluctuations, as side effects are inevitable for macroeconomic controls, Zhou said.

"We hope it is a fluctuation that is narrowing down and thus the whole system can achieve stability as soon as possible," he said.