Hi James, I am an American of Taiwanese/Japanese descent, and I can tell you that this term is not really Mandarin, but from the Taiwanese words "cry" and "hungry."
Originally, it was used in response to someone who nags you with repeated complaints or tales of woe. Think of someone who keeps repeating, "I'm so hungry, I'm so hungry, I'm so hungry..." and you can imagine how annoying that can be!
The meaning has been extended to other circumstances and now can be used as an equivalent of the English "shut up," "you're full of it," "bull shit," "now that's a silly remark," or in response to anything someone says that is not particularly pleasing to you.
Of course, it is not a very "high class" statement to make, and is used principally among good friends (or in your example, by a superior).