"[U.S. dollars] remain the greatest weight in reserves, but over time we anticipate that reserve managers may reduce their holdings further," a Morgan Stanley analyst wrote in the July 8 report.

    Despite doubts of the dollar, it's still the currency most economies favor relative to other currencies, and it will likely remain so for the foreseeable future. Much of this has to do with ease of transactions as the dollar is still positioned nicely as the dominant international medium of exchange.

    SDRs and the kind of global currency that Keynes supported are much farther off. Nevertheless, the world has begun to realize that perhaps the greenback shouldn't always be king. Eventually, the dollar will have to share the reserve throne with others.