diff --git a/scripts/release/build-commands/update-package-versions.js b/scripts/release/build-commands/update-package-versions.js
index 3bc41a5370b..84b0212e827 100644
--- a/scripts/release/build-commands/update-package-versions.js
+++ b/scripts/release/build-commands/update-package-versions.js
@@ -20,7 +20,7 @@ const update = async ({cwd, dry, version}) => {
     await writeJson(packagePath, rootPackage, {spaces: 2});
 
     // Update ReactVersion source file
-    const reactVersionPath = join(cwd, 'packages/shared/src/ReactVersion.js');
+    const reactVersionPath = join(cwd, 'packages/shared/ReactVersion.js');
     const reactVersion = readFileSync(reactVersionPath, 'utf8').replace(
       /module\.exports = '[^']+';/,
       `module.exports = '${version}';`
@@ -42,8 +42,15 @@ const update = async ({cwd, dry, version}) => {
       }
 
       if (project !== 'react') {
-        json.peerDependencies.react = `^${version}`;
+        const peerVersion = json.peerDependencies.react.replace('^', '');
+
+        // Release engineers can manually update minor and bugfix versions,
+        // But we should ensure that major versions always match.
+        if (semver.major(version) !== semver.major(peerVersion)) {
+          json.peerDependencies.react = `^${semver.major(version)}.0.0`;
+        }
       }
+
       await writeJson(path, json, {spaces: 2});
     };
     await Promise.all(projects.map(updateProjectPackage));