Last week's holiday to commemorate the end of World War II couldn't have come at a better time. For a global financial system traumatized by recent gyrations in China, the closure of mainland markets is a chance to take a breath and remember that the world is most likely not on the verge of another crisis.

There's certainly more volatility ahead, and there are many reasons to worry. As Asia's biggest trading partner, China is wreaking particular havoc in emerging nations as its once-voracious demand for commodities declines. The mainland's $10 trillion economy, meanwhile, is a black box. No one outside President Xi Jinping's inner circle really knows how close China is to the brink, or what policy tools are being marshaled to avert a crisis.

China's travails also come at time of unusually elevated concern about weak global growth and limited options for responding to a financial crisis. The U.S. Federal Reserve, Bank of Japan and European Central Bank have already cut rates about as low as they can go.