Format decimal to two places or a whole number

It seems to me that the decimal precision is intrinsic to the decimal type, which defaults to 4 decimal places. If I use the following code:

decimal value = 8.3475M;
Console.WriteLine(value);
decimal newValue = decimal.Round(value, 2);
Console.WriteLine(newValue);

The output is:

8.3475
8.35

decimal num = 10.11M;

Console.WriteLine( num.ToString( "0.##" ) );