By Julia Love SAN FRANCISCO (Reuters) - Apple Inc is expected to launch a smaller, cheaper iPhone on Monday aimed at emerging markets and possibly China, the world's biggest buyer of smartphones, as it looks to reverse a decline in worldwide sales of its most important product. The launch of such a phone - expected to be called the iPhone SE - would represent Apple's second bid for the crowded mid-tier market after an unsuccessful foray three years ago. "The iPhone SE provides a new incentive to upgrade for iPhone holdouts who don't want a large-screen phone," said analyst Bob O'Donnell of TECHnalysis Research.- A less expensive iPhone could appeal to emerging markets customers, said O'Donnell, but is not a sure-fire hit, as it may still be pricier than competitors running Google's Android system, and many in emerging markets have already developed a taste for larger screens.



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