Chi Chi derives from the Jamaican patwa for termites or cockroaches due to the sound they make at night. This then became a term to describe parasites which then became an insult as the people of Jamaica were calling police and politicians chi chi men, doesnt really mean gay people but it depends on how you look at them.

the term actually refers to Gays;

in jamaica, a chi chi is a termite like mentioned above, but the guy forgot to put, a chi chi eats wood....

Chi means a variety of things in different languages as stated here. In Jamaican it's basically the equivelant to the american term gay (can be used when not reffering to homosexuals, just in a derrogitory way). In spanish it reffers to breasts/tits, in this way it's used commonly among blacks and mexicans. In japanese, it's short for daddy (Chihayo).

breasts/tits/boobs

ramen noodles, cheese puffs, beef sticks, cooked in a cheese puff bag. usually made in prison due to all the items are availible on the comissery list.

Affectedly trendy and fashionable. Slick.

It seems that chi chi can mean different things in different cultures, but searching on the net will show many in Western culture use it as per the above meaning, though not always in a complimentary way.

Cheat Sheet in Salvadoran slang

What Chinese 3-H students call Chinese. Why? I don't know.