It is a thing. But it's not publicly used by most people. You know this neefyahow. They are called Asians by most people. Look at that Asian cop in MN. Nobody calls him "that yellow cop".
True. Aside from that little low IQ snide remark, you gotta understand that people like to group things, and since there are a lot more Chinese people, Chinese can identify as Chinese or Asian or whatever. Same thing with Indians, they can identify as just that, since there are more than 1 billion of them. But, there are 54 African countries. No one wants to take the time and know the difference between all of them. It's easy to just say, African or black. It's easy to call others European or white.
But, with more people white people going to Africa, africans and arabs going to Europe, asians going to US, other people going to Asia, and spreading around, people are going to stop identifying other people by the continent and country they're from and start identifying them by the color of their skin.