Yu, who was ranked world number 43 when the charges were made in May, will serve the longest suspension in snooker since England's Stephen Lee was banned for 12 years in 2013.
Cao, the world number 38 when the pair were charged, also pleaded guilty to fixing three matches and was banned for six years, with 3-1/2 years of the sentence suspended.
"It is very sad when talented players are attracted to the opportunity to make money from fixing matches," WPBSA Chairman Jason Ferguson said in a statement.
"The WPBSA has very effective prevention and monitoring processes that protect the sport. Where players ignore this, they risk their careers and they will be caught.
"Cao Yupeng has shown true remorse and he will assist the WPBSA in player education and in its fight against corruption, which is reflected in his reduced sanction."
(Reporting by Simon Jennings in Bengaluru; Editing by Ken Ferris)
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