You know that reddish coloring in Cha-shu pork? In Peking duck? It comes from ground up red yeast rice. It's a spice, coloring agent, and sometimes, ingredient in rice wine.

Also, red yeast rice is supposed to reduce cholesterol.

Potential side effects of red yeast are here: http://altmedicine.about.com/od/herbsupplementguide/a/redyeastside.htm
Source(s):
http://en.wikipedia.org/wiki/Red_yeast_rice

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