According to the Tang Rhymes (Tangyun), the Collected Rhymes (Jiyun), and the Rhyme Compilation (Yunhui), this character is pronounced yuan (level tone), with the same sound as yuan (mandarin duck). The Explanation of Simple and Compound Characters (Shuowen Jiezi) defines it as a pennant or banner.
Additionally, the Broad Rhymes (Guangyun) mentions the term fanbei, which means to turn through things in a disorderly manner. The Zhuangzi, Chapter on the Way of Heaven (Tiandao), records: Confucius fanned (turned through) the twelve classics. The commentary explains: fanbei means to turn through things in a disorderly manner.