Google announced its Chinese name — 谷歌, which means “the song of millet”. The Google Chinese (Simplified) website is showing the new logo. However, Google Chinese (Traditional) site is not using the new logo.
Google also registered GuGe.com (Chinese pronunciation [HanYuPingYing] of 谷歌) and redirect visitors to Google Chinese (Simplified) site.
Bonus: Google GuGe Promotion Video (unofficial?)
My two cents
I don’t like the new name. It is very close to “the song of farmer”, which has nothing to do with technology. I am not alone, many people against GuGe at.