The five interlocking rings represent five continents or major geographical areas of the world. The five main regions: Africa, the Americas (North and South America are combined), Asia, Europe and Oceania.
While the 5 rings do represent the 5 continents, the colors do not correspond to a continent. In terms of the colors (the 5 colors of the rings and the white background) the colors were chosen because at least one of those colors appears on every country's flag in the world i.e Every flag of a country participating in the Olympics includes at least one of the following colors: blue, black, red, yellow, and green.
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Oceania refers to the tropical and subcontinent regions in the Pacific Ocean, most often referring to Micronesia, Polynesia and even New Guinea, New Zealand and the Malay Peninsula as well as the smaller countries and regions east of that between Australia and North America.