1. What is it?  
{my guess}   
it is a CNY peg, like TET or Nubits pegs to $USD

YBC/CNY is the only way to accumulate any. (btc market is null)
Seems like an interchange coin for the CNY houses

http://coinmarketcap.com/currencies/ybcoin/#markets
http://coinmarketcap.com/exchanges/yuanbaohui/

1    Yuanbaohui   YBC/CNY    $ 38,273   $ 0.622446    98.15 %
2    BTC38   YBC/CNY    $ 715   >>>>>$ 0.622446    1.83 %
3    Bittrex   YBC/BTC    $ 0   $ 0.777914    0.00 %    
4    Yuanbaohui   YBC/BTC    $ 0   $ 0.678521    0.00 %    
5    BTC100   YBC/CNY    $ 3,867 *   $ 0.659240    0.00 %