diff --git a/CMakeLists.txt b/CMakeLists.txt
index b310d59f902..97aad9d6131 100644
--- a/CMakeLists.txt
+++ b/CMakeLists.txt
@@ -11,8 +11,8 @@ set(QUANTLIB_VERSION ${QUANTLIB_VERSION_MAJOR}.${QUANTLIB_VERSION_MINOR}.${QUANT
 
 # Project Info
 set(PACKAGE_NAME          "QuantLib")
-set(PACKAGE_VERSION       "${QUANTLIB_VERSION}-dev")
-set(PACKAGE_VERSION_HEX   "0x01320000")
+set(PACKAGE_VERSION       "${QUANTLIB_VERSION}-rc")
+set(PACKAGE_VERSION_HEX   "0x013200c0")
 set(PACKAGE_STRING        "${PACKAGE_NAME} ${PACKAGE_VERSION}")
 set(PACKAGE_TARNAME       "${PACKAGE_NAME}-${PACKAGE_VERSION}")
 set(PACKAGE_BUGREPORT     "https://github.com/lballabio/QuantLib/issues/")
diff --git a/configure.ac b/configure.ac
index 5a8130ab663..01564824fde 100644
--- a/configure.ac
+++ b/configure.ac
@@ -1,5 +1,5 @@
 # Process this file with autoconf to produce a configure script.
-AC_INIT([QuantLib], [1.32-dev],
+AC_INIT([QuantLib], [1.32-rc],
         [quantlib-dev@lists.sourceforge.net],
         [QuantLib])
 AC_PREREQ(2.62)
diff --git a/ql/version.hpp b/ql/version.hpp
index c1042ac61cf..ccfc7089116 100644
--- a/ql/version.hpp
+++ b/ql/version.hpp
@@ -31,10 +31,10 @@
 /*! @{ */
 
 //! version string
-#define QL_VERSION "1.32-dev"
+#define QL_VERSION "1.32-rc"
 
 //! version hexadecimal number
-#define QL_HEX_VERSION 0x01320000
+#define QL_HEX_VERSION 0x013200c0
 
 /*! @}  */