That's the same thing as pegging to the US dollar. It has exactly the same effects on welfare distributions and provides no protection against decreases in buying power of US dollars, which is the only reason the Chinese are complaining about the fall in the dollar's value -- it makes Chinese exports to the US less competitive relative to others and it makes American exports more competitive in China and elsewhere. This  is especially problematic for Chinese agriculture where avoiding dependency on American corn, soybeans, and meat is a high-level development policy concern.