CBC is also a widely used acronym
and other chatting networks. It stands for Canadian Born Chinese where the "Canadian" and "Chinese" are interchangeable as YMMV
It's a Canadian specific term that is synonymous to Banana (i.e., Yellow outside, White inside).
Personally, I don't like this term (Oh yeah, I forgot to mention, I am one of these creatures), because it almost always has a negative connotation attached to it (even though it has no reason to). Why? Only, if not most of the time, Non-CBC (in other words, True-born Chinese) use this term to discriminate the Bananas from the rest of the basket.
Some CBCs don't mind and even promote this term (I think UBC has some kind of mob named after this).
You may also parallel a close relative of the CBC, the ABC.