Medtronic PLC's Chinese subsidiary was fined 118.5 million yuan for price fixing by the country's National Development and Reform Commission, Reuters reported.

Medtronic (Shanghai) Management Co. was found to have engaged in "monopolistic behavior" with its distributors and local partners by fixing the prices of its cardiovascular and diabetes medical device products.

A Medtronic spokesman said the company would pay the fine.

As of Dec. 6, US$1 was equivalent to 6.88 Chinese yuan.