The Olympic flag flying in Victoria, Canada in recognition of the 2010 Winter Olympics in Vancouver. The Olympic flag was created by Pierre de Coubertin in 1914. The Olympic flag ... has a white background, with five interlaced rings in the centre: blue, yellow, black, green and red ...This design is symbolic; the five colors are those that appear on at least one of all the national flags of the world at the present time united by Olympism.— Pierre de Coubertin (1931).he Olympic flag flying in Victoria, Canada in recognition of the 2010 Winter Olympics in Vancouver. The Olympic flag was created by Pierre de Coubertin in 1914. The Olympic flag ... has a white background, with five interlaced rings in the centre: blue, yellow, black, green and red ...