The world united by performance games: Facts and History of Olympic Movement Flag
Even if the Olympic Games date back in ancient times, the creation of the Olympic Movement flag that stands for the global organization of these games dates back in the 20th century and was originally designed by the actual founder of the modern games: Baron Pierre de Coubertin.
Green, yellow, black, blue and red intertwined rings are designed to symbolize the participants of the Olympic Games: any person from each continent. Facts and history of Olympic Movement Flag do not encourage the belief that there is a particular colour for each continent.
What it is for sure is that the five rings represent the continents: Africa, Asia, America, Oceania (with Australia included) and Europe. The rings design was primary used by psychologist Carl Jung according to whom circles represent the human beings and continuity, infinity.