It's a more formal term than "Zhongwen" (中文), which also means "Chinese language" but is less formal.
Here's a breakdown of the word:
* 汉 (hàn): This refers to the Han Chinese people, the largest ethnic group in China.
* 语 (yǔ): This means "language".
Therefore, "Hanyu" literally means "Han language".
It's important to note that "Hanyu" can refer to both Mandarin Chinese (the most widely spoken variety of Chinese) and all varieties of Chinese languages. However, in most cases, "Hanyu" is used to refer to Mandarin Chinese.