Du heng is a fragrant herb often mentioned in the ancient Songs of Chu.
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蘅 is not used independently in modern Chinese. It is short for 杜蘅 (a wild ginger / Asarum), one of the fragrant herbs symbolizing virtue in the 楚辞 Songs of Chu. The garden name 蘅芜苑 in Dream of the Red Chamber uses it.
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Classical / literary only — a poetic plant name, seen in old verse, not in everyday speech.
Below sits 衡 (to weigh / balance), supplying the sound héng directly with no tone change. It contributes no 'balance' meaning — it is purely the phonetic tag under the grass radical for this plant name.