This name is a synonym of Polylepis besseri Hieron..
The record derives from RJP
(data supplied on 2011-10-18)
which reports it as a synonym (record 17181) with original publication details: Revisio generum plantarum Revisio generum plantarum; 1891 77 1898.
This name record (from RJP) was not included in version 1 of The Plant List. It is possible the same name was included from a different data source, to check this you can search for Polylepis racemosa in version 1 of The Plant List.