Chamaecyparis taiwanensis (Taiwan Cypress; simplified Chinese: 台湾扁柏; traditional Chinese: 臺灣扁柏; pinyin: tái wān biǎn bǎi) Though i have never heard it called that in Chinese. Usually called: Hinoki or kwai mu.

Very fragrant with a soft yellow texture that is rich with oil. The sawdust will clump and stick to your clothes.

As Driftwood: Has a brown, ragged, stringy bark, larger pieces are usually straight. Yellow color is evident when cut and the smell is strong and sweet.

http://en.wikipedia.org/wiki/Chamaecyparis_taiwanensis