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.
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