the ceo of one, could offend goldfarb are comanager -- the sequoia and goldfarb. goldfarb will take over as lead manager and the company ceo. the offshore yuan dropped to a one-week low after china's central-bank weakened its daily fixing. pimco says that it sees further depreciation of the currency. the people's bank of china anered its -- after overnight advance and the dollar on comments from federal reserve officials about possibility of an interest rate increase as soon as april. popolare dibanks, milano and banco popolare will create a merger. shares in both banks were suspended yesterday pending an announcement. global news, 12 four hours a day powered by 2400 journalists and more than 100 news bureaus around the world. you can find more stories around the world. guy, take us to this chart. japan's currency is shedding, potentially, some of its haven appeal. guy: for the last few months we have had risk on, risk off. is that beginning to break down? maybe that chart takes you to the idea. the yen weighted index and the e.m. index. look how tight those lines

robert goldfarb is retiring following the fund's big investment in troubled drugmaker valiant. yesterday we told you valiant at one point accounted for more than 30% of sequoia's portfolio, an unusually high percentage. shareholders have lost more than 80% of their value over the past year. sequoia is a popular holding in some corporate retirement accounts. >>> investors are always looking for promising opportunities and tonight our market monitor guest found some, including two in a sector that has been under an enormous amount of pressure. he's david smith, chief investment officer at rockland trust investment management group. david, good to have you with us, appreciate your being with us. >> thanks for having me. >> you like a couple that are in the oil business. though not too far out on a limb, i guess i would put it. why don't you explain why you like exxon? >> rockland trust, when we make investments, we're looking out three years. we look at the time horizon that far out in the distance and suggest that today's stock prices look incredibly cheap because we're discounti

goldfarb isuan and retiring after the firm's investment, valeant, damage their reputation.ge the $5.6 billion fund and will take over as lead manager. day,l news, 24 hours a powered by our 2400 journalists in more than 150 news bureaus around the world. you can find more stories at top . guy: thank you. boris johnson said yesterday that bankers he has spoken to build see a brexit hurting the financial sector. >> what struck me in private conversations that i occasionally have with leading bankers is how finely balanced they need to be. don't believe they can do any damage to london's position as the world's leading financial sector. guy: boris was speaking to a parliamentary committee, which is currently assessing britain's membership of the eu. he added that he thought the pound will remain robust if the u.k. votes to quit. >> the pound will be as strong and as robust as the u.k. economy. my view is that the risks are in remaining in the eu. why should we remain tethered -- things -- the markets are not so convinced on what he is postulating. take a look at what is hap

robert goldfarb was the ceo. this is a hedge fund with a long and storied history. investors that warren buffett sent their way. when warren buffett shut down his funding 1969 because he didn't see a lot of possibilities of advancement in the market that stock was completely overpriced he sent investors to the sequoia fund and sequoia fund has been under goldfarb's management for some time. the fund has sharply outperformed the s&p 500 by 300 basis points even with all of these valeant losses. this year it was below 98% and last year it was below something like 89%. this investment is a fun that never put its money in too many stocks. with valeant shares down by 89% that's crushed a lot of the players who were in there. >> amazing thing. meantime an article in the "wall street journal" this morning saying that regulators plan to lock up wall street bonuses long they are than before. it's a proposal that's part of the dodd-frank financial regulation. expected to be put in place in april. many firms hold back executive bonuses for three years. regulators want to exten

. >>> valeant shares down sharply on news the head of the sequoia fund, robert goldfarb is stepping downne point accounted for a third of sequoia's portfolio causing the fund to drop 11% this year. we told you about how common this fund is as a retirement investment option at many companies and valeant continues lower down another 6.5% today. >> wall street executives may have to develop patience when it comes to their bonus. mary thompson joins us with more. >> these rules are required by dodd frank and incentive pay or bonuses, this is take reproposal, the first released in 2011. while that date isn't firm, it's expected to be released sometime next month according to people familiar with the situation. joined by six regulatory agencies and sources say it will likely mandate a certain percentage of incentive pay be deferred for more than the three year standard that was adopted by banks after the financial crisis. it may also expand the number of people subject to rules on deferred compensation beyond the current group of executives that are currently applies to. while many financial f