What is Peng?

捧: hold something up, present. 

朋: friend. 

The word Peng in Taiji and other martial training was created by martial artists.  It does not exist in official chinese dictionary.  It is the Left side of first work, combined with second word.  The Peng in Taiji has two meanings: 

1. narrow: up energy; 

2. broad: expanding, radiating from any point of the body surface outward if you train the body like a big energy ball. 

This energy is cultivated mainly through standing and form practice.