Chinese red vinegar (大红浙醋 - dà hóng zhè cù, literally 'Crimson Zhejiang Vinegar') is a type of rice vinegar traditionally made from rice which has been infected by a red yeast, Monascus purpureus. It is thought to have been developed first in Fujian province, but today, more is from Fujian's northern neigbour, Zhejiang province, just south of Shanghai and from Guangdong province. Today, the red colour is often augmented by using red radish skins.
It is mild, slightly sweet but with a hint of tartness. It is not used very often in Chinese cuisine, but is occasionally used in congees and soups, particularly Hangzhou's famous West Lake Soup. Hangzhou is the capital of Zhejiang.
It is good with all seafood dishes, too. I particularly like to use it non-traditionally as a dip with sashimi.
Salmon Sashimi with Red Vinegar and Soy Sauce Dips.
Western red wine vinegar is not a suitable substitute!