Auto Generate @String reference in Android Studio

Alt+Enter, Extract String Resource while the caret is inside the hardcoded string:

The same should work in XML files as well, and it does work in IntelliJ IDEA, but seems to be broken in the current version of the Android Studio:

Android Studio 0.1.3 shows the folded text in XML layouts that it extracts from the string resources, but it fails to navigate back to the resource and doesn't offer to extract resources from the hardcoded strings inside XML. It appears to be a bug.

What seems to be missing from the above answers is that, in Android Studio, you must place the cursor in the string, click the mouse, and press Alt + Enter to bring up the Extract String Resource dialog