Xiaomi MiBand is more than £80 cheaper than Nike’s FuelBand, but…

Chinese smartphone manufacturer Xiaomi, otherwise known as China's Apple, has launched a very affordable wristband alongside its Mi4 smartphone. Unfortunately, both devices are limited to China.

Called the MiBand, Xiaomi's new wristband only costs £7.50. No - we didn't forget to add a couple zeros. Although it doesn't have a display or nifty phone-enabled features, you can use the MiBand to unlock a Mi phone without a password. It'll also monitor your steps and sleeping habits and even vibrate to wake you up. And finally, the MiBand's battery will last an entire month.

Keep in mind Xiaomi recently poached Hugo Bara from Google, the guy who played a big role in Android and Nexus. With Bara on board, Xiaomi has come up with the Mi4 handset, which debuted earlier this week, and the MiBand. The company's flagship phone features a 5-inch full-HD display, Snapdragon 801 processor running at 2.5GHz, and 3GB of LP-DDR3 RAM.

READ: Xiaomi Mi 4 announced with high-end spec

The Mi4 costs £189 for the 16GB version and £235 for the 64GB edition. You'll want to buy the smartphone in order to get the most out of your MiBand, which is IP67 dust and water resistant and more than £80 cheaper than many of the other fitness wearables on the market such as Nike’s FuelBand.

That said, it looks like Xiaomi is targeting China for this setup. You never know though, with Bara now in the mix, you might see the company start focusing on European markets in the coming months (or years).