China unveils incremental policy support: PBoC tool tweaks, mortgage subsidy nationwide from Oct 1

China's State Council signaled additional policy measures, followed by PBoC adjustments to structural monetary tools and a joint notice from MOF, PBoC, and NFRA introducing a nationwide mortgage interest subsidy effective October 1. This marks a concrete step toward easing financial conditions to support the property sector and broader economy, though the scale and impact remain to be seen. The move signals a policy pivot toward more active support, likely aimed at stabilizing growth and market confidence.