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It is a phrase used by people usually in high school, it is another way for saying "what a joke" or "you're yanking my chain"
Example 1:
Susan: "Me and Jayden had sex and I think I'm pregnant"

Yasmin: "What a yank susie you fucking slut"

Example 2:

Teacher: "We have a surprise test this period"

Students: "WHAT A FUCKING YANK"
by goonsquadfruitylexia May 29, 2015
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