The board of the International Monetary Fund has adopted a new mandate for international surveillance that will be stricter on exchange rate policies, the Financial Times reported. The lender's new surveillance regime, last updated in 1977, is creating a stir in the ongoing tensions between US and China over the latter's appreciation of the yuan. Ge Huayong, China's representative at the IMF, said the new rules "will put more pressure on emerging market countries especially, but will have little impact on developed countries. This is unfair.” An IMF official said the new framework was not intended to target China, though a senior Chinese government official was quoted as saying, "China is such an important country, its exchange rate policy is so important, this decision cannot not be about China.” IMF officials fear China may ignore the IMF as a result of the new mandate and develop alternative lending programs in Asia.