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The term "Yellow" is out of date as it is considered an offensive to refer to Asian people in this way. If no one is insulted, there is no harm in using the term.
Similarly, "Red" is never used when referring to people descended from those native to the Americas before the 16th century.

"White" and "Black" are still in use, referring to people of European/Mediterranean and Sub-Saharan African descent, respectively.