A senior Apple exec addressed rumours that the company is working on a low-cost version of the iPhone.

Apple’s SVP of global marketing, Philip Schiller, told the Shanghai Evening News that Apple is “not like other companies, launching multiple products at once, then hoping one will get the attention of consumers”.

Piper Jaffray analyst Gene Munster reportedly said this week that there is a “60 to 70 percent” probability Apple will launch such a device as it looks to boost its market share in price-sensitive emerging markets.

The device — thought to feature a lower-quality screen, casing and processor and costing $199, according to Munster— would address the larger user base currently well-served by Android device makers.

There has been concern recently that the growth in iPhone sales is likely to suffer as its penetration in cash-rich markets reaches saturation.

Apple CEO Tim Cook is currently visiting China where he met China Mobile chairman, Xi Guohua, to discuss a partnership.