A group of US senators has introduced a bill that puts pressure on China to move faster towards raising the value of its currency.

The legislation does not name any country but would penalize countries that undervalue their currencies for unfair trade advantage.

US manufacturers say that China by undervaluing its currency by as much as 40 percent, led to inexpensive Chinese imports flooding the US market and contributed to a US. trade deficit that touched $233 billion last year.

The bill requires the US Treasury Department to identify the "fundamentally misaligned" currencies, from the result of clear government policy actions to be subject to US action.

If the targeted country does not bring its currency into line within six months, the Commerce Department would be required to include the degree of currency undervaluation in its calculation of anti-dumping duties on that country.

After one year, the US Trade Representative''s office would file a complaint at the World Trade Organisation with the government responsible for the currency misalignment.

The Treasury Department also would have to consult with the Federal Reserve Board and other central banks to consider intervention in currency markets.

The bill allows the president to waive the requirements if they would harm US national security or the vital economic interest of the United States.

Beijing however has warned of repercussions if any legislation imposes penalties on China over its currency.