Yes, there is. This year's Dragon Boat Festival is on May 28. The boat races will be held on the Li River.
By the way, Yangshuo in Guilin is not far from the downtown of Guilin downtown.

Hi is there anywhere on the internet I can find out about it. I am flying to Guilin on 27th May, was thinking of staying in Yangshoo, 27th - 1st June, would i better staying in Guilin for dragon boat festival, I would grateful if you please let me know where it is on as there is no information about the fesitval on Li River on the internet

You may stay in Guilin, as more hotels can be found in the downtown.

Hi is there a race on Guilin this year?

Hi David!
please send me an email! I'll be in Guilin on the same dates and I'm looking for the Dragon Boat festival myself I'm sure we could help each other.

dasastar (at) walla (dot) com