In case you forgot, Apple still has a smaller iPhone in its lineup, the. It was last refreshed in March of this year with new memory configurations, but it's due to get a processor bump and possibly some upgrades to its camera.
China Economic Daily reports a new SE 2 with the same 4-inch screen is coming by July of 2018 and will cost about $450, which is what the SE originally cost when it was first released. The current iPhone SE starts at $349.
We take all these rumors with a grain of salt -- and Apple doesn't comment on them -- but it wouldn't be surprising to see a new SE next year that would not only appeal to people who like a smaller form-factor phones but has a lower price that plays better in emerging markets.