diff --git a/Python/setup.py b/Python/setup.py
index 41b80800e..e2b51f724 100644
--- a/Python/setup.py
+++ b/Python/setup.py
@@ -224,7 +224,7 @@ def get_tag(self):
 ]
 
 setup(name             = "QuantLib",
-      version          = "1.34-dev",
+      version          = "1.34-rc",
       description      = "Python bindings for the QuantLib library",
       long_description = """
 QuantLib (https://www.quantlib.org/) is a free/open-source C++ library
diff --git a/configure.ac b/configure.ac
index a9a53023f..cafa0a231 100644
--- a/configure.ac
+++ b/configure.ac
@@ -1,5 +1,5 @@
 # Process this file with autoconf to produce a configure script.
-AC_INIT([QuantLib-SWIG], [1.34-dev],
+AC_INIT([QuantLib-SWIG], [1.34-rc],
         [quantlib-dev@lists.sourceforge.net],
         [QuantLib-SWIG])
 AC_PREREQ(2.50)