Xiaomi has taken to the stage today to announce its new Redmi Note 2 smartphone and just like its predecessor, it aims to offer impressive specs at a super affordable price. On the same day that Samsung is to launch two flagship devices with a high price tag, Xiaomi’s new smartphone delivers a Full HD display, octa-core CPU and a new OS for just $160.

[related_videos title=”Xiaomi in video:” align=”left” type=”custom” videos=”621025,594382,517878,515252″]The Redmi Note 2 packs a 5.5-inch 1080p display and is powered by MediaTek ‘s new Helio X10 SoC with eight cores clocked at 2.2GHz along with a PowerVR G6200 GPU and 2GB RAM. Under the hood there is 16GB internal memory which can be expanded, Wi-Fi ac, dual-SIM LTE capabilities and a 3,020 mAh battery. The Redmi Note 2 is the first handset to run Xiaomi’s new MIUI7, which runs on top of Android 5.1 Lollipop

On the back of the handset, the Redmi Note 2 comes equipped with phase detection autofocus, which allows the handset to focus in just 0.1 seconds and at 160 grams, the handset is 39 grams lighter than the original Redmi Note. Xiaomi plan to release the new Redmi Note 2 in several colours, with white, black, pink, brown and light blue all confirmed.

If you’re thinking of picking up the Redmi Note 2, there are going to be three versions available; the cheapest one will cost RMB 799 ($128) and will offer LTE on one SIM with 3G on another, while the model with dual-SIM LTE will set you back RMB 899 ($144). If 16GB storage isn’t enough for you, Xiaomi has also announced a Prime version of the handset with 32GB storage (and presumably dual-SIM LTE), which will cost RMB 999 ($160).

Alongside its new handset, Xiaomi also unveiled its new MIUI 7 OS, which runs on Android 5.1 Lollipop and at the moment, has been announced for China only. Xiaomi hasn’t revealed a lot of details about MIUI7 apart from a picture that shows the new OS now support facial recognition in the gallery app.

With its new smartphone and OS, you’d think Xiaomi was done for the day but the company also revealed a new Mi Wi-Fi nano router, which the company promises offers stronger, more stable signals compared to mainstream routers and delivers up to 300Mbps download speeds.

What do you think of Xiaomi’s new smartphone? Do you plan to buy it and if so, which version? Let us know your views in the comments below guys!