The 24-year-old Russian dropped her first set of the tournament against the fourth-seeded Peng but came back to win 6-7 (4), 6-0, 6-2.
The top-seeded Zvonareva, an Olympic bronze medalist ranked No. 9 in the world, collected her second title for the year after winning the Prague Open in May.
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Zvonareva through to 2nd round in Guangzhou Int’l
Zvonareva to quarterfinals in Guangzhou