Slur refers to any woman of Asian descent (not limited to Chinese as you would assume), since average non-cultured people can't tell the difference between one Asian and another. Men who go out to score Asian women call themselves, "Going out for Chinese," hence the definition.
Asian women are perceived as the new "trophy wife" as it is a misconception that Asian women will only date Causcasian men, GIs, superstar athletes, celebrities, or photographers from import racing magazines.
Jeff: "Yo, Tyrone! Check out that Lo Mein over there. She's HOT."
Tyrone: "She's cute and all, but WHERE IS HER ASS?"
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