What I mean due to there may be limitation on the BE, BC, so can try to test the throughtput w/ current setting. Or add external box to make it work. I did not try to rate-limit as high as 200M, so I cannot prove it by my experience.
It sounds like you're using an E3 linecard, which does all policing in hardware. Since this is the case, there are limited values the ASIC supports for CIR/BC/BE. The limit you're running into is the BC/BE cannot go higher than 16777215 bytes.
Although you're hitting this limitation, it shouldn't affect the average rate going through the interface, unless the traffic you're pushing is VERY bursty.
Read here to see how the dual leaky-bucket algorithm works, and how BC and BE relate to each other:
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