Not necessarily a derogatory term unless an Asian person takes it as so. Most Asians who do smoke pot have distinguished a fine line between the derogatory term (Chink) and this term. And I've met some cool Asians that will allow you to say the latter without shooting an AK-47 at your head.
This is just a term to describe the squinting eyes that one gets when taking the drug, Cannabis.
The author of this definition, KD42 is chink eyed all the time, and thinks Asian women are really hot.