Ok I have been able to figure this one out : this is Panzeria Lanata also called Panzerina Lanata. Apparently it occurs in Mongolia, Xinjiang, Gansu, Nei Mongol, Ningxia, Shaanxi, Altai Republic, Chita, Tuva, Buryatiya, Irkutsk. It is a medicinal plant. It is in the family Lamiaceae, Order Lamiales.
Wikipedia gives this info for the family:
The Lamiaceae (/ˌleɪmiˈeɪsiˌaɪ, –ˌiː/[3]) or Labiatae are a family of flowering plants commonly known as the mint or deadnettle or sage family. Many of the plants are aromatic in all parts and include widely used culinary herbs, such as basil, mint, rosemary, sage, savory, marjoram, oregano, hyssop, thyme, lavender, and perilla. Some species are shrubs, trees (such as teak), or, rarely, vines. Many members of the family are widely cultivated, not only for their aromatic qualities, but also their ease of cultivation, since they are readily propagated by stem cuttings.[citation needed] Besides those grown for their edible leaves, some are grown for decorative foliage, such as Coleus. Others are grown for seed, such as Salvia hispanica (chia), or for their edible tubers, such as Plectranthus edulis, Plectranthus esculentus, Plectranthus rotundifolius, and Stachys affinis (Chinese artichoke).
Lamiales. The Lamiales are an order in the asterid group of dicotyledonous flowering plants. It includes about 23,810 species, 1,059 genera, and is divided into about 24 families.
The Mongolian name is: Uskhii nokhoin khel, Тemeen angalzuur, Galuun tavag
The English name is Woolly Panzeria.
Here is an interesting article mentioning it http://en.triandgo.com/panceriya-sherstistaya-opisanie-poleznye-svojstva-primenenie_default.htm
Beautiful Mongolia Flora and Fauna 