Taiwan’s Commercial Times reports [Google translation] that Apple is indeed preparing both an iPhone 5S and a lower-cost iPhone for launch in the August/September timeframe. Analyst Kirk Yang notes that each of the devices will be available in two models, one using the standard frequency-division duplexing “FDD” technology that is used in most of the world and one supporting the time-division duplexing (TDD) used by China Mobile “the world largest carrier”.

This report conflicts with a report yesterday from Macotakara, claiming that the budget iPhone is not likely to appear until 2014, however it is more in line with earlier reports.

Source [MacRumors]