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The phrase "is pegged to" is correct and usable in written English.
It is typically used to indicate that something is fixed or tied to a specific value or standard.
Example: "The country's currency is pegged to the US dollar to stabilize its economy."
Alternatives: "is linked to" or "is tied to".
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But the Danish krone is pegged to the euro.
The currency is pegged to the US dollar.
The difference is crucial: whereas social rent is pegged to average income and remains relatively stable, affordable rent is pegged to market forces, so does not.
The krone is pegged to the euro, with Copenhagen copying interest-rate moves in Frankfurt.
The CUC is pegged to the dollar and worth 25 times as much as the CUP.
It still has its own currency — but that currency is pegged to the euro.
The national currency, the convertible marka (konvertibilna marka; KM), is pegged to the euro.
It's true that right now China's currency is pegged to the dollar.
Local currency is the Aruban florin, which is pegged to the U.S. dollar.
The flood of productions is pegged to the 100th anniversary of the work's premiere.
In March, there was talk of devaluing the Argentine peso, which is pegged to the dollar.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com