I sharpen a double bevel on mine.
Because yours is so old and blunt, you'll have to profile it on a coarse stone before sharpening. Unless the cleaver is very thick indeed, sharpen it to around 22.5* by estimating a 45* angle then halving it. This is the same angle at which you already probably sharpen most of your European knives.
Sharpen the knife symmetrically so that the bevel width is the same on both sides. This will aid durability and make the knife easy to steel.
Finally, after you are satisfied that your bevels are flat and even, and that the edge is reasonably good -- resharpen at around 30* just until you draw a burr on both sides and deburr. A 30* cutting bevel (also called the "primary bevel" by most sharpeners) is sufficiently obtuse to hold up to a lot of abuse. Meanwhile you don't want the edge too wide or it will wedge -- even being used as a cleaver.
You probably already know this, but it's worth syaing for the benefit of others who may be lurking. A "meat cleaver" is not a "Chinese chopper." They are used for different things, and one cannot perform very well as the other.
BDL