YFII is the China version of YFI, it seems China miss out on the recent DEFI boom and they are trying to build their own community. Both will surely survive remember how NEO was marketed as the China Ethereum. The thing here is that YFI has a very strong founder and it is helping the price to keep souring
Yes, I think China wanted to join the bandwagon, or at least some some Chinese wealthy personality because the whole Defi thing really took off and we have seen it even higher than bitcoin. And then could justify this, I mean we all know how they hate bitcoin and even putting it below their list of coins.
NEO was touted to be the next Ethereum since 2017, but we haven't seen that it didn't took off as expected. The supply of YFI is what makes it very attractive for more traders and it really bring the hype on altcoin market in the last couple of months now.