This handset, codenamed Meri, is expected to launch as the cheapest Mi handset by Xiaomi. According to the latest leak from China, the (probably) MediaTek Helio P20-powered smartphone would carry a price tag of less than $150 USD.
http://www.notebookcheck.net/Xiaomi-Mi-5c-to-cost-around-145-USD.185525.0.html