Bank of America Global Research argues that the recent reports of USD replacement greatly exaggerated.

"We see no recent trends that would justify concerns/arguments that the USD is losing its global role. In some cases, the USD has been losing share, but from very high levels and over decades, rather than years. Moreover, no single alternative has appeared," BofA notes. 

"The USD share in FX market turnover remains by far the highest and there have been no signs of any loss in recent decades or years. The USD remains dominant in international trade invoicing. The share of USD Swift payments is the highest and has been steady," BofA adds.