This is not going to become a reality.
What is more likely is that the US will be replaced by SDRs (an IMF currency backed by a basket of currencies). The global markets are definitely positioning themselves to be weaned off the dollar as we speak.
China has been buying gold in high quantities. In Nov, Switzerland is voting on whether they should retain 20% of their money in gold reserves. Russia will likely (or is doing so now) position itself to not be at the mercy of the US, and the BRICS in general (and even the UK) are bypassing the dollar in country-to-country trade, using their own currencies.
But as for China dominating currency-wise? Not likely.