Where we draw colour lines on words is pretty variable. All I can say is, if the colour Chinese people generally are is "yellow", it seems to me that'd be the right word for the colour of a lot of people whose ancestors all lived in Europe.

Yellow hats - but yellow faces?

I've heard it suggested that the use of the term "yellow" for Chinese people has a similar kind of origin to the use of "red" for Native Americans - a sort of carry over from the fact that the colour was very important in the culture (eg the Yellow River, and the Yellow Emperor). Rather as if the Irish were spoken of as being "green", and that had ended up with people adjusting their definition of "green" to include the colour Irish people generally are.
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Red Hair - I'd say sometimes the hair so described would fall into what would be counted as a kind of red, if we were dealing with garments.

Which leads to a good red-haired song in the DT - Red Haired Mary. And pointing the way to songs is a thing this thread needs to do, or someone is likely to push it down the BS end of the page, which is fine by me, but it tends to leave out in the cold those people who say that they never go down there on principle.