This character is a Other Letter and is mainly used in the Han script. The Unihan Database defines it as water, liquid, lotion, juice. Its Pīnyīn pronunciation is shuǐ.
The glyph is not a composition. Its East Asian Width is wide. In bidirectional text it is written from left to right. When changing direction it is not mirrored. U+6C34 offers a line break opportunity at its position, except in some numeric contexts. The glyph can be confused with 2 other glyphs.
The Wikipedia has the following information about this codepoint:
Radical 85 or radical water (水部) meaning "water" is a Kangxi radical; one of 35 of the 214 that are composed of 4 strokes. Its left-hand form, 氵, is closely related to Radical 15, 冫 bīng (also known as 两点水 liǎngdiǎnshuǐ), meaning "ice", from which it differs by the addition of just one stroke.
In the Kangxi Dictionary, there are 1,595 characters (out of 40,000) to be found under this radical.
水 is also the 77th indexing component in the Table of Indexing Chinese Character Components predominantly adopted by Simplified Chinese dictionaries published in mainland China, with 氵 and 氺 being its associated indexing component.
In the Chinese wuxing ("Five Phases"), 水 represents the element Water. In Taoist cosmology, 水 (Water) is the nature component of the bagua diagram 坎 kǎn.