Hi Aman Jain,
From the MAG3110 datasheet, you will get that the max I2C baud is 400Khz:


400Khz is the max baudrate, you can use the lower baudrate, eg,10Khz, 50khz, 100khz. etc.
About the bus clock in the microcontroller, it is determined by the system clock which you are configure.
If you don't configure it, and just use the internal slow IRC 32.768khz, the bus clock is 20.97152Mhz.
Wish it helps you!
If you still have question, please contact with me!
Have a great day,
Jingjing
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