Investors convinced China’s currency is once again a one-way bet upward should think again: signs of slowing economic growth could cut short the yuan’s rally.

Investors and companies have been pouring funds into China in recent months, helping send the yuan to a series of record highs.

But with evidence of a slowdown mounting, investors thinking of joining the rush into yuan would do well to remember 2011 and last year, when fears of a Chinese hard landing sent the yuan, or renminbi, tumbling.