You have made me think about this specific wored, Steve.The UK slang for a Chinese restaurant is a 'Chinky'. I have never considered the ethnic Chinese perception of that word, as all the dicourse on racism in the UK that I have heard has been primarily the black perspective, followed by the Asian.
Whilst I would flay my children for using the word 'Paki', it has made me think about 'Chink' being a pejorative term, which it most obviously is.
In the song context, I think history is the specific answer in that case.
Skipjack